Jen Rogers withdrew a total of $35,000 from her business during the current year.The entry needed to close the withdrawals account is:
A)Debit Income Summary and credit Cash for $35,000.
B)Debit Jen Rogers,Withdrawals and credit Cash for $35,000.
C)Debit Income Summary and credit Jen Rogers,Withdrawals for $35,000.
D)Debit Jen Rogers,Capital and credit Jen Rogers,Withdrawals for $35,000.
E)Debit Jen Rogers,Withdrawals and credit Jen Rogers,Capital for $35,000.

Question

Quizplus · Accepted Answer

To close the withdrawals account, you debit the capital account and credit the withdrawals account, reducing the owner's equity by the amount withdrawn.

Jen Rogers Withdrew a Total of $35,000 from Her Business