Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Feb 13, 2022

What is the correct way to close withdrawals a. Debit withdrawals and credit Capital. b. Debit Capital and credit withdrawals. c. Debit withdrawals and credit

What is the correct way to close withdrawals

a. Debit withdrawals and credit Capital.

b. Debit Capital and credit withdrawals.

c. Debit withdrawals and credit Income Summary.

d. Debit Income Summary and credit withdrawals.

Step by Step Solution

★★★★★

3.50 Rating (163 Votes )

There are 3 Steps involved in it

Step: 1

B Debit Capital and CreditWithdrawals After we add net income or subtract ne... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of corporate finance

Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates

2nd Edition

978-0470933268, 470933267, 470876441, 978-0470876442

More Books

Students also viewed these Accounting questions

Question

★★★★★

What is the correct way to annualize an interest rate in financial decision making?

Answered: 1 week ago

Question

★★★★★

What is the correct way for a project manager to invite line managers to attend team meetings?

Answered: 1 week ago

Question

★★★★★

1. Which of the following is the correct way to report the results of a hypothesis test and a measure of effect size using a t statistic? t(19) = 2.30, r 2 = 0.42, p < .05 t(19) = 2.30, p <...

Answered: 1 week ago

Question

★★★★★

Write out the equation for the following chemical reaction and balance it. Solid potassium chlorate, KCIO3, decomposes to form solid potassium chloride and diatomic oxygen gas. What is the...

Answered: 1 week ago

Question

★★★★★

Suppose you need to terminate an employee who works in your department. Summarize security protections you must take. How would you behave differently if this termination were a friendly one?

Answered: 1 week ago

Question

★★★★★

The local consumer watchdog group was concerned about the cost of electricity to residential customers over the New Zealand winter months (Southern Hemisphere). They took a random sample of 25...

Answered: 1 week ago

Question

★★★★★

In your opinion, do any of the common thought distortions that Aaron Beck and his followers defined seem to predispose individuals to particular types of psychological problems (e.g., anxiety,...

Answered: 1 week ago

Question

★★★★★

Doctors Mobey, Oak, and Chesterfield have been in a group practice for several years. Mobey and Oak are family practice physicians, and Chesterfield is a general surgeon. Chesterfield receives many...

Answered: 1 week ago

Question

★★★★★

Martinez Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $420,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of...

Answered: 1 week ago

Question

★★★★★

You are the Owners project manager on an electrical upgrade project. Existing overhead power lines are being buried in a duct bank to hide them from view in an area of the town that is being...

Answered: 1 week ago

Question

★★★★★

To get you started in your new role, Pat Simons has asked you to review necessary journal entries ( JEs ) and T account postings for the following transactions, which occurred in the month just...

Answered: 1 week ago

Question

★★★★★

Does States and local governments, including local health care facilities, receive sufficient funding to adequately plan and prepare for a Weapon of Mass Destruction incident?

Answered: 1 week ago

Question

★★★★★

Before you start modeling: What are two questions you would ask to ensure the modeling process starts on task? What is your purpose for asking each of them?

Answered: 1 week ago

Question

★★★★★

Local Private Government Sector Federal Government State, Tribal, Territorial, and Insular Area Communities Nongovernmental Organizations Government Individuals, Families, and Households Whole...

Answered: 1 week ago

Question

★★★★★

Astore, Inc. reported the following financial data for the most recent year end. Sales, $210,000; operating expenses $180,000; average operating assets, $200,000; total liabilities, $65,000. The...

Answered: 1 week ago

Question

★★★★★

Expansionary strategy happens when a financial power utilizes its systems to invigorate the economy. An expansionary strategy keeps up with transient loan costs at a lower than normal rate or builds...

Answered: 1 week ago

Question

★★★★★

[10 ptsl A manufacturing plant needs to have a horn sound to signal quitting time. The horn should be activated when either of the following conditions is met: a. It's after 5 o'clock and all...

Answered: 1 week ago

Question

★★★★★

An item of depreciable machinery was acquired on 1 July 2009 for $120,000 by cash It is expected to have a useful life of 10 years and zero salvage value On 1 July 2012, it was decided to revalue the...

Answered: 1 week ago

Question

★★★★★

The Fulcrum Company produces decorative swivel platforms for home televisions. If Fulcrum produces 40 million units, it estimates that it can sell them for $100 each. The variable production costs...

Answered: 1 week ago

Question

★★★★★

Do analysts use book values or market values to calculate the weights when they use Equation 13.7? Why?

Answered: 1 week ago

Question

★★★★★

The stock of Socrates Motors is currently trading for $40 and will either rise to $50 or fall to $35 in one month. The risk-free rate for one month is 1.5 percent. What is the value of a one-month...

Answered: 1 week ago

Question

★★★★★

Imagine you are asked to create a television commercial to sell a new product. Given what you know of the factors that effectively influence persuasion, how might you persuade a customer?

Answered: 1 week ago

Question

★★★★★

How do you think adults might react in a similar experiment?

Answered: 1 week ago

Question

★★★★★

Which of the following scenarios probably will not result in the bystander effect? a. You come across someone lying on a busy sidewalk in a large city. b. You see someone pass out at a concert. c....

Answered: 1 week ago

Previous Question Next Question