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I need help with the following accounting questions 2. 3_ 5. To close the Owners Drawing account, the entry is which of the following? a
I need help with the following accounting questions
2. 3_ 5. To close the Owners Drawing account, the entry is which of the following? a a debit to the Owner's Drawing account b. a credit to the Owner's Capital account c a debit to the Miscellaneous Expense account d. a credit to the Owner's Drawing account e. a debit to the Cash account In manual accounting, the Income Summary Account is dosed to a Cash b. Owner's Capital c Owner's Draw d. Revenue e. Expenses 68. To close the Rent Expense account, the closing entry is to debit the Rent Expense. False True To close the Professional Fees Revenue account, the closing entry is to debit the Professional Fees Revenue. False True ose the Utilities Expense Account, the closing entry is to debit the Utilities Expense. False True 6_ To close the Interest Revenue account, the closing entry is to credit the Interest Revenue. True False To close the Salaries Expense account, the closing entry is to credit the Salaries Expense. True False 8. To close the Insurance Expense account, the closing entry is to debit the Insurance Expense. True False 9_ To close the Service Revenue account, the closing entry is to credit the Selvice Revenue. True False 10. To close the Interest Expense account, the closing entry is to debit the Interest Expense. True False 11. To close the Telephone Expense account, the closing entry' is to credit the Telephone Expense. False True 12. To close the Bank Service Charge account, the closing entry is to debit the Bank Service Charge. True False
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