In Order to Close the Owner's Drawings Account the

question 100

Multiple Choice

In order to close the owner's drawings 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:

Personal Physical Injuries

Bodily harm or injury directly experienced by an individual, which may have personal, legal, or financial implications.

Employer-Paid Premiums

Employer-paid premiums are the amounts paid by an employer for employee benefits such as health insurance, which are often exempt from taxable income for the employee.

Life Insurance

A contract that pays a designated beneficiary a sum of money upon the death of the insured individual or after a set period.

Taxable

Refers to income or transactions that can be taxed by the government.