The Journal Entry to Close the Drawing Account Includes

question 11

Multiple Choice

The journal entry to close the drawing account includes

• A) debiting the owner's capital account and crediting the drawing account.
• B) debiting the drawing account and crediting the owner's capital account.
• C) debiting Income Summary and crediting the drawing account.
• D) debiting the drawing account and crediting Income Summary.

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Definitions:

Common Sense

The basic level of practical knowledge and judgment that is shared by a large number of people and considered to be reasonable and prudent.

Attracted

The feeling of being drawn to someone or something as a result of emotional, physical, or psychological factors.

Past Discoveries

Historical findings or revelations that have contributed to our understanding or advancement in various fields.

Industrial-Organizational Psychology

A branch of psychology that applies psychological theories and principles to organizations and the workplace to improve productivity, work-life balance, and employee satisfaction.