What Is the Closing Entry for Drawings of $25 000

question 6

Multiple Choice

What is the closing entry for drawings of $25 000?

• A)No closing entry is required
• B)Debit profit and loss summary account $25 000; credit drawings $25 000
• C)Debit bank $25 000; credit drawings $25 000
• D)Debit owner's capital account $25 000; credit drawings $25 000