Question 16 of 30 2 Points An entity uses the perpetual inventory control system and the owner takes inventory for his own personal use. Which account will be debited, and which account will be credited? A. The drawings account will be debited, and the inventory account will be credited. B. The drawings account will be debited, and the purchases account will be credited. C. The purchases account will be debited, and the drawings account will be credited. D. The inventory account will be debited, and the drawings account will be credited. Reset Selection Question 17 of 30 2 Points When closing off the income accounts by transferring their totals to the profit or loss account for a business that uses a perpetual inventory system, how will the closing transfers be reflected in the general ledger? A. Account to be debited-income accounts; Account to be credited-profit or loss account B. Account to be debited-profit or loss account; Account to be credited-income accounts C. Account to be debited-profit or loss account; Account to be credited - expense accounts D. Account to be debited - capital account; Account to be credited-profit or loss account Reset Selection Question 18 of 30 2 Points An example of a current asset will be ... A. income received in advance. B. prepayments. c c. trade payables. D. property, plant and equipment. Reset Selection