The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted to $81,000 $67,000 $48,000 $171,000 5 of 10, 29 min ... e 5 of 10, 29 min An account used with a related account to bring about a decrease in the net amount of the two account balances is called a(n expense account contra account adjusting account revenue account ... e 6 of 10, 29 min The Income Summary account is used to close the drawing account. close the revenue accounts and expense accounts only. close the revenue accounts only close revenue accounts and expense accounts and update the owner's capital account. ... e 7 of 10, 29 min 7 of 10, 29 min After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? O Cash Service Revenue Office Supplies Accounts Payable ... e 90f 10, 28 min The fourth pair of columns on a 10- column work sheet prepared at the end of the period would be the Income Statement columns Adjustment columns Balance Sheet columns Adjusted Trial Balance columns 8 of 10, 28 min ... e 8 of 10, 28 min When recording closing entries in the general journal, which of the following is written in the Description column? "closing entries" "a description of the transaction" "zero out accounts" nothing ... e 10 of 10, 28 min 100f 10, 28 min