The owner's capital account is
A) a permanent account.
B) closed to the owner's drawings account at the end of the accounting period.
C) closed to the Income Summary account at the end of the accounting period.
D) a temporary account.
Correct Answer:
Verified
Q41: Which of the following is a true
Q42: Closing entries are journalized in the
A) trial
Q43: An error has occurred in the closing
Q44: In order to close a revenue account,
Q45: Closing entries
A) are prepared before the financial
Q48: A post-closing trial balance will show
A) only
Q49: Closing entries are made
A) in order to
Q50: In preparing closing entries
A) every revenue account
Q51: A post-closing trial balance should be prepared
A)
Q63: In order to close the owner's drawings
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