K Canopy, the Proprietor of Canopy Services, Withdrew $5,700 from the Business

question 178

Multiple Choice

K. Canopy, the proprietor of Canopy Services, withdrew $5,700 from the business during the current year. The entry to close the withdrawals account at the end of the year is:

• A) Debit K. Canopy, Capital $5,700, credit Salary Expense $5,700
• B) Debit K Canopy, Withdrawals $5,700; credit Cash, $5,700
• C) Debit Income Summary $5,700; credit K. Canopy, Capital $5,700
• D) Debit K. Canopy, Capital $5,700; credit K. Canopy, Withdrawals $5,700
• E) Debit K. Canopy, Withdrawals $5,700; credit K. Canopy, Capital $5,700

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Definitions:

Standard Deviation

An indicator of the spread or variability within a data set; where a small standard deviation indicates values closely clustered around the average, and a large standard deviation suggests they are widely scattered.

Z-score

A statistical measure that describes a value's position relative to the mean of a group of values, expressed in units of standard deviation.

Z

In statistics, often represents the standard score, which is the number of standard deviations a data point is from the mean.

Percentage

A way of expressing a number as a fraction of 100, used to compare proportions.