The balance in the Owner's Drawings account after all closing entries have been posted will be equal to O the profit (or loss) for the period. O the cash withdrawn by the owner during the period. O the balance in the Owner's Capital account. O zero. On July 1 Bonita Gallery paid $4900 to Fairy Realty for four months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared for August 31, the adjusting entry to be made by Bonitais O debit Rent Expense, $2450; credit Prepaid Rent, $2450. O debit Rent Expense, $4900; credit Prepaid Rent, $400. O debit Rent Expense, $1225; credit Prepaid Rent, $3675. O debit Prepaid Rent, $2450; credit Rent Expense, $2450. A chart of accounts is O a relatively simplistic way of classifying accounts. O only necessary for manual systems. O the first step in designing an accounting system. O used only in companies with a complex business structure.Canadian accounting standards allow a choice of whether or not to use International Financial Reporting Standards for which type of company? O all private corporations in Canada O only small private corporations O banks O public corporations