Which of the Following Entries Records the Closing of Penny

question 7

Multiple Choice

Which of the following entries records the closing of Penny Pincher,Drawing at the end of the accounting period?

• A) Debit Penny Pincer,Drawing;credit Penny Pincher,Capital
• B) Debit Penny Pincher,Capital;credit Income Summary
• C) Debit Income Summary;credit Penny Pincher,Drawing
• D) Debit Penny Pincher,Capital;credit Penny Pincher,Drawing

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