Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Which of the following entries closes the owner's drawing account at the end of the period. A. . debit the owner's capital account, credit the
Which of the following entries closes the owner's drawing account at the end of the period.
A. . debit the owner's capital account, credit the drawing account
B. . debit the income summary account, credit the drawing account
C. . debit the drawing account, credit the owner's capital account
D. . debit the drawing account, credit income summary account
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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