To Close the Withdrawals Account

question 6

Multiple Choice

To close the Withdrawals account:

• A) debit Withdrawals; credit Revenue.
• B) debit Capital; credit Withdrawals.
• C) debit Withdrawals; credit Income Summary.
• D) debit Income Summary; credit Withdrawals.

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Definitions:

Property

A characteristic, quality, or trait belonging to a person or thing.

Argument By Analogy

A form of argument that asserts a conclusion based on a comparison between two similar cases or scenarios.

Similar

Having a resemblance in appearance, character, or quantity, without being identical.

Alike

Similar in nature, appearance, or characteristics; having resemblance or common features.