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

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Definitions:

Word-Superiority Effect

A phenomenon in cognitive psychology where individuals have a better chance of recognizing a letter when it is part of a word than when it is seen in isolation.

Stroop Effect

A cognitive phenomenon where the name of a color is printed in a color not denoted by the name, causing delays in reaction time.

Heuristic

A mental shortcut that allows people to solve problems and make judgments quickly and efficiently.

Word-Superiority Effect

The phenomenon where people have a higher likelihood of recognizing a letter more accurately when it is part of a word than when it is seen in isolation.