Select the Correct Closing Entry That ABC Consulting Would Make

question 57

Multiple Choice

Select the correct closing entry that ABC Consulting would make to close the owner's drawing account at the end of the accounting period.

• A)debit B. Conway, Drawing $600 credit B. Conway, Capital for $600.
• B)debit B. Conway, Capital $600 and credit B. Conway, Drawing for $600.
• C)debit B. Conway, Drawing $600 and credit Income Summary for $600.
• D)debit Income Summary $600 and credit B. Conway, Drawing for $600.

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Definitions:

Corporate Misbehavior

Describes unethical or illegal actions taken by companies or their representatives.

Corporate Management

Corporate management involves the processes, strategies, and decisions employed in directing and controlling the operations of a corporation to achieve its objectives and maximize shareholder value.

Labor Unions

Organizations formed by workers to protect their rights and interests in their employment.

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A scholar or philosopher who studies the principles of justice, exploring concepts such as fairness, equality, and moral rightness in society.