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:

Acquired Needs Theory

A psychological theory that suggests individuals are motivated by their desires for achievement, affiliation, and power, which they acquire over time based on their life experiences.

Need for Affiliation

A person's inherent desire to feel connected to others, seeking social bonds and meaningful relationships.

Need for Achievement

A psychological trait that drives individuals to achieve goals and excel in their endeavors.

Desire to Excel

The strong motivation or ambition to surpass others or oneself in performance or achievement.