The Drawings Account Has a Normal Balance of $30 000

question 18

Multiple Choice

The drawings account has a normal balance of $30 000. The correct entry to close this account is:

• A) DR Profit or loss summary account $30 000; CR Drawings $30 000
• B) DR Owner's capital account $30 000; CR Drawings $30 000
• C) DR Drawings $30 000; CR Bank $30 000
• D) DR Bank $30 000; CR Drawings $30 000

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Definitions:

Branding Message

The core theme or statement that represents a brand's values, mission, and identity to its target audience.

Compensation System

Compensation System is the structure and methodology an organization uses to pay its employees, including wages, salaries, bonuses, and benefits.

Seasonal Fluctuations

Variations in economic or business activity that occur as a result of seasonal changes, affecting industries such as tourism, agriculture, and retail.

Sales Competition

A contest among sales personnel or teams to motivate them to increase sales performance and achieve specific targets.