5.Which of the following will increase owner's equity on the statement of owner's equity?

a.Owner's withdrawals, net income

b. Owner's investments, net income

c. Owner's withdrawals, net loss

d. Owner's investments, net loss

6.The account used to close the temporary accounts (revenues and expenses) before the finish of the accounting cycle is

a.Net Income.

b. the owner's capital account.

c. Fees Earned.

d. the owner's drawing account.

7.The following are income and expense items on the adjusted trial balance of NW Company:

Fees Earned $18,944

Rent Expense 4,500

Wages Expense 5,678

Miscellaneous Expense 340

Which of the following will be included in the first closing entry?

a. Debit to Owner Capital for $10,518

b. Debit to Owner Capital for $18,944

c. Credit to Owner Capital for $10,518

d. Credit to Owner Capital for $18,944