The Entry to Close the Owner's Drawing Account Would Include

question 71

Multiple Choice

The entry to close the owner's drawing account would include a debit to the

• A) Income Summary account and a credit to the owner's drawing account.
• B) owner's drawing account and a credit to Cash.
• C) owner's capital account and a credit to the owner's drawing account.
• D) owner's drawing account and a credit to the Income Summary account.

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Definitions:

Record

An individual entry in a database, consisting of several fields containing the data items.

Characters

The symbols, including letters, numbers, and punctuation marks, that can be typed or displayed on a screen.

256

Typically refers to a 256-bit encryption level or a color depth of 256 colors in computing contexts.

128

Typically refers to the binary representation of data or can indicate a specific value or quantity in various contexts.