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:

Behaviour

The actions or reactions of an individual in response to external or internal stimuli.

Actuarial Approach

An approach to evaluating and interpreting the data on patients, making predictions, and coming to decisions that rely exclusively on statistical procedures, empirical methods, and formal rules. See also clinical approach.

Equations

Mathematical statements that assert the equality of two expressions, often containing one or more variables.

Algorithms

A defined set of step-by-step procedures or instructions designed to perform a specific task or solve a particular problem.