Evan Roberts owns a business, Shore Sports, that rents canoes and kayaks. Below is the adjusted trial balance at December 31. The entry required to close the expense accounts at the end of the period will
A) increase Owner's Capital by $35,520
B) decrease Owner's Capital by $35,520
C) increase Owner's Capital by $33,520
D) decrease Owner's Capital by $33,520

Question

Evan Roberts owns a business, Shore Sports, that rents canoes and kayaks. Below is the adjusted trial balance at December 31.​  The entry required to close the expense accounts at the end of the period will
A) increase Owner's Capital by $35,520 
B) decrease Owner's Capital by $35,520 
C) increase Owner's Capital by $33,520 
D) decrease Owner's Capital by $33,520

Quizplus · Accepted Answer

The Answer of Evan Roberts owns a business, Shore Sports, that rents canoes and kayaks. Below is the adjusted trial balance at December 31.​  The entry required to close the expense accounts at the end of the period will
A) increase Owner's Capital by $35,520 
B) decrease Owner's Capital by $35,520 
C) increase Owner's Capital by $33,520 
D) decrease Owner's Capital by $33,520

Evan Roberts Owns a Business, Shore Sports, That Rents Canoes