The Owner's Drawing Account Is Closed by Debiting

question 13

Multiple Choice

The owner's drawing account is closed by debiting

• A) the owner's drawing account and crediting the owner's capital account.
• B) the owner's capital account and crediting the owner's drawing account.
• C) Income Summary and crediting the owner's drawing account.
• D) the owner's drawing account and crediting Income Summary.

Recognize the function and regulation mechanisms of key hormones involved in fluid and electrolyte balance.

Grasp the importance of intracellular and extracellular fluid electrolyte concentrations on body function.

Appreciate the relationship between membrane characteristics and intracellular versus extracellular fluid composition.

Understand various methods of speech delivery and their appropriate contexts.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate revenues and expenses to the period in which they actually occurred.

Office Supplies

Items used in an office for daily work such as pens, paper, staplers, and calculators.

Physical Count

A manual counting process of inventory or other assets on hand to verify quantities or conditions at a specific point in time.

Straight-Line Depreciation

A method of depreciating an asset evenly over its useful life, resulting in equal annual depreciation expenses.