The Capital account debited and the Withdrawals credited would be the result of:
A) closing the Income Summary account-there is a net income.
B) closing the withdrawal account.
C) closing the Income Summary account-there is a net loss.
D) closing the capital accounts.
Correct Answer:
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Q69: The entry to close Income Summary (net
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Q75: When the expenses are closed:
A) Owner's Capital
Q76: When the Withdrawals account is closed:
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A) Capital would
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