In Order to Close the Owner's Drawing Account, the

question 87

Multiple Choice

In order to close the owner's drawing account, the

• A) income summary account should be debited.
• B) income summary account should be credited.
• C) owner's capital account should be credited.
• D) owner's capital account should be debited.

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Definitions:

Soluble

Ability of a substance to dissolve in a solvent, forming a homogeneous mixture at a molecular or ionic level.

Sodium Chloride

Common salt; an ionic compound with the formula NaCl, essential for life and used in food seasoning and preservation.

Soluble

The ability of a substance to dissolve in a solvent, forming a solution.

Equilibrium

A state in which opposing forces or influences are balanced, often used in chemical contexts to describe reactions.