After Preparing and Posting the Closing Entries for Revenues and Expenses,the

question 20

Multiple Choice

After preparing and posting the closing entries for revenues and expenses,the income summary account has a debit balance of $33,000.The entry to close the income summary account will be:

• A)Debit Owner Withdrawals $33,000;credit Income Summary$33,000.
• B)Debit Income Summary $33,000;credit Owner Withdrawals $33,000.
• C)Debit Income Summary$33,000;credit Owner Capital $33,000.
• D)Debit Owner Capital $33,000;credit Income Summary $33,000.
• E)Credit Owner Capital $33,000;debit Owner Withdrawals $33,000.

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Definitions:

Insulin Release

is the process by which the pancreas secretes insulin, a hormone that regulates blood sugar levels.

Nutritional State

The status of an individual's health as it relates to the intake and utilization of nutrients, which can affect overall health and disease susceptibility.

Evolution

The sequence through which assorted life forms are speculated to have evolved and expanded from former states during the historical timeline of the planet.

Insulin

A hormone produced by the pancreas that regulates blood glucose levels by facilitating the uptake of glucose into tissues.