The final closing entry transfers the balance(s) of the _________ account(s) to the owner's capital account.

a). revenue

b). expense

c). owner's capital

d) drawing

The Sales Returns and Allowances account is presented.

a). on the balance sheet as a deduction from Accounts Receivable.

b). on the income statement as an addition to Sales.

c). on the income statement as a deduction from Sales.

d). on the balance sheet as a deduction from Capital.