The final closing entry to be journalized is typically the entry that closes the
A) revenue accounts.
B) owner's drawings account.
C) owner's capital account.
D) expense accounts.

Question

Quizplus · Accepted Answer

The final closing entry typically involves closing the owner's drawings account to the owner's capital account. This step finalizes the transfer of the year's withdrawals by the owner out of the business, adjusting the owner's equity to reflect these withdrawals after revenues and expenses have been accounted for.

The Final Closing Entry to Be Journalized Is Typically the Entry