What Is the Correct Closing Entry for the Bank Account

question 64

Multiple Choice

What is the correct closing entry for the bank account?

• A) No closing entry is required
• B) Debit owner's capital account; credit bank
• C) Debit bank; credit owner's capital account
• D) Debit profit or loss summary account; credit bank

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Definitions:

Predicate Class

A predicate class in logic and mathematics is a category defined by a certain property that holds for its members; it's essentially a set of objects that satisfy a specific predicate.

Universal

Pertaining to or involving all members of a class or category without exception, often used in the context of universal principles or statement in logic.

Categorical Proposition

A statement relating two categories or classes in a specific way, typically structured as assertions about all, some, or no members of these categories.

Copula

A verb of being (“is,” “are,” etc.) that links the subject and the predicate in a categorical proposition.