What Is the Closing Entry for Drawings of $25 000

question 34

Multiple Choice

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

• A) Debit owner's capital account $25 000; credit drawings $25 000
• B) Debit profit or loss summary account $25 000; credit drawings $25 000
• C) Debit bank $25 000; credit drawings $25 000
• D) None of the above

---

Definitions:

Invitee

A person who is invited to enter or remain on property for a commercial benefit to the property owner, such as a customer in a store.

Dangerous Condition

A situation or aspect of a property that poses a risk of injury to those on the premises.

Express Voluntary Assumption

The clear and intentional taking on of a risk or responsibility by an individual, fully understanding its implications.

Strict Liability

Legal responsibility for damages or injury, even if the person found strictly liable was not at fault or negligent.