The drawings account has a normal balance of $30 000. The correct entry to ... The drawings account has a normal balance of $30 000. The correct entry to close this account is: Select one: a. DR Owner's capital account $30 000, CR Drawings $30 000 b. DR Bank $30 000, CR Drawings $30 000 OC. DR Profit or loss summary account $30 000, CR Drawings $30 000 O d. DR Drawings $30 000, CR Bank $30 000 MAC's Airport Parking purchased two vans for the business on 1 January 2018.... MAC's Airport Parking purchased two vans for the business on 1 January 2018. The vans cost $80 000 each and have a useful life of 5 years with an expected residual of $10 000 each. The adjusting entry for depreciation on 30 June 2018, using the straight-line method, is: Select one: a. DR Accumulated depreciation $14 000, CR Depreciation expense $14 000 b. DR Depreciation expense $28 000 CR Accumulated depreciation $28 000 C. DR Accumulated depreciation $28 000, CR Depreciation expense $28 000 d. DR Depreciation expense $14 000, CR Accumulated depreciation $14 000 The retained earnings balance of The Jackman Company was $50 000 on the first... The retained earnings balance of The Jackman Company was $50 000 on the first day of the accounting year. Profit during the year was $120 000. At the end of the accounting year a dividend of $15 000 was declared. The dividend wil be paid the following year. The year-end balance of retained earnings is: Select one: a. $185 000 b. $105 000 c. $155 000 d. $120 000