What is the accounting entry to close the sole proprietorship drawing account?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
Owners draws means withdrawal of fund from business by owner of the business In sole pro...View the full answer
Answered By
Shem Ongek
I am a professional who has the highest levels of self-motivation. Additionally, I am always angled at ensuring that my clients get the best of the quality work possible within the deadline. Additionally, I write high quality business papers, generate quality feedback with more focus being on the accounting analysis. I additionally have helped various students here in the past with their research papers which made them move from the C grade to an A-grade. You can trust me 100% with your work and for sure I will handle your papers as if it were my assignment. That is the kind of professionalism that I swore to operate within. I think when rating the quality of my work, 98% of the students I work for always come back with more work which therefore makes me to be just the right person to handle your paper.
4.80+
174+ Reviews
426+ Question Solved
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Question Posted:
Students also viewed these Cost Accounting questions
-
What is the accounting entry when an order is received?
-
What is the accounting rate of return?
-
What is the accounting equation? Describe each of its three components.
-
Another equation that has been used to model population growth is the Gompertz equation: dy dt ky In(K/y) , where k and K are positive constants. For each y in 0 < y K, show that dy/ dt is never less...
-
If the variation of the acceleration of gravity, in m/s2 , with elevation z, in m, above sea level is g = 9.81 (3.3 10-6) z, determine the percent change in weight of an airliner landing from a...
-
The Lieberman Insurance Company sells a 5-year term insurance policy with face value of $250,000 to a 39-year-old man for an annual premium of $973. The mortality table is given below. a. Assume the...
-
What types of people are likely to experience the most stress at work? If you are experiencing too much stress, what can you do to help manage it? LO5
-
Simon Products uses both special journals and a general journal as described in this chapter. Simon also posts customers? accounts in the accounts receivable subsidiary ledger. The postings for the...
-
11. Selling and administrative expenses are known to be a mixed cost; however, there is a lot of uncertainty about the portion that is fixed. Previous years experience has provided the following...
-
A structural tee section is used as a cantilever beam to support a triangular distributed load of maximum intensity w = 600 NM and a concentrated load P =1 kN. as shown in Fig. P6.3-22. Determine the...
-
What is recorded in the Wages and Salaries Expense account?
-
What is the accounts receivable collection period?
-
In preparation for a bike tour of several countries, you ship your bicycle by air freight to Europe. When you arrive, you find that the tires of your bicycle have both blown out. Explain why that...
-
7. This is a question about electromagnetic waves. (a) Starting from Maxwell's equations in a vacuum show that the electric field E and magnetic field B obey wave equations and identify the velocity...
-
Participate in workplace health and safety Third- party report Task 1: Case scenario: Workplace hazard collection and risk control form You are required to review this workplace inspection form and...
-
The red curve is the position-time x-t graph for the ladybug. Each tick mark on the time axis of the graph marks off 0.5 s. Note: you can hit reset graph and graph again to watch the graph form again...
-
Oma's Bakery is thinking about replacing the convection oven with a new, more energy-efficient model. Information related to the old and new ovens follows: (Click the icon to view the information...
-
One could argue that substantial travel for work is an undesirable characteristic of any job. What would the theory of compensating differentials predict about the relative wages of a sales position...
-
If a, b, and c are consecutive positive integers and 2 a 2 b 2 c = 512, then 2 a + 2 b + 2 c =? F. 6 G. 9 H. 14 J. 16 K. 28
-
Ashlee, Hiroki, Kate, and Albee LLC each own a 25 percent interest in Tally Industries LLC, which generates annual gross receipts of over $10 million. Ashlee, Hiroki, and Kate manage the business,...
-
En prenant un exemple de votre choix, montrer comment on value un swap de taux de change.
-
How much would you need to invest today in order to receive: a. $10,000 in 5 years at 11%? b. $11,000 in 12 years at 8%? c. $12,000 each year for 10 years at 8%? d. $12,000 at the beginning of each...
-
A company that manufactures pulse Doppler insertion flow meters uses the Straight Line method for book depreciation purposes. Newly acquired equipment has a first cost of $190,000 with a 3-year life...
Study smarter with the SolutionInn App