Select the correct closing entry that ABC Consulting would make to close the owner's drawing account at the end of the accounting period.
A) debit B. Conway, Drawing $600 credit B. Conway, Capital for $600.
B) debit B. Conway, Capital $600 and credit B. Conway, Drawing for $600.
C) debit B. Conway, Drawing $600 and credit Income Summary for $600.
D) debit Income Summary $600 and credit B. Conway, Drawing for $600.
Correct Answer:
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Q13: Q14: One of the purposes of closing entries Q15: "Closing" is written in the Description column Q16: A compound entry in the general journal Q17: Use the following account balances from the Q19: The postclosing trial balance contains balance sheet Q20: The owner's capital account is closed at Q21: The entry to close the Depreciation Expense Q22: Entries required to zero the balances of Q23: Which of the following accounts would be
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