Use the Following Account Balances from the Adjusted Trial Balance

question 21

Multiple Choice

Use the following account balances from the adjusted trial balance of Gees Catering:

Select the correct closing entry that Gees Catering would make to close the owner's withdrawal account at the end of the accounting period.

• A) R. Gees, Capital $ 1,000 R. Gees, Drawing $ 1,000
• B) Income Summary $ 1,000 R. Gees, Drawing $ 1,000
• C) R. Gees, Drawing $ 1,000 R.Gees, Capital $ 1,000
• D) R. Gees, Drawing $ 1,000 Income Summary $ 1,000

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Definitions:

Disclose

means to reveal or make known information that was previously private or secret.

Duty

Obligation required by law or morality to act or refrain from acting in a certain manner towards others.

Waiting Period

A mandatory interval of time between the initiation of an action and its actual application, such as between filing an insurance claim and receiving benefits.

Filing Date

The filing date refers to the specific day on which a document is officially submitted or recorded with a governmental or legal office.