When Closing the Withdrawals Account

question 61

Multiple Choice

When closing the Withdrawals account

• A)Liability account should be credited.
• B)The owners' capital account should be debited.
• C)The owners' capital account should be credited.
• D)The income summary account should be debited.
• E)The income summary account should be credited.

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Definitions:

Hershey

This could refer to Alfred Hershey, a bacteriologist known for the Hershey-Chase experiment which helped to confirm that DNA is the genetic material.

Chase

In molecular biology, refers to the follow-up procedure in a pulse-chase experiment, where the presence and movement of a molecule or compound is tracked over time after initial labeling.

Nucleotides

The basic building blocks of nucleic acids, such as DNA and RNA, consisting of a sugar, a phosphate group, and a nitrogenous base.

Information Storage

The retention of digital or analog information over time for the purpose of retrieval and use in the future.