The Account to Which the Drawing Account Is Closed Is

question 27

Multiple Choice

The account to which the drawing account is closed is called

• A) Revenue.
• B) Income Summary.
• C) Owner's Capital.
• D) Cash.

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Definitions:

Problems Defined

The process of identifying and outlining the specifics and boundaries of issues or challenges to be addressed.

Solutions

Answers or methods found or devised to deal with problems or challenges.

Reduce Uncertainty

A process or strategy aimed at minimizing the amount of uncertainty or unpredictability in a given situation, often through gathering information or implementing controls.

Solutions

Methods or processes for solving problems or addressing challenges effectively.