Use the following account balances from the adjusted trial balance of Gees Catering:

Select the correct closing entry that Gees Catering would make to close the owner's withdrawal account at the end of the accounting period.
A) R. Gees, Capital $ 1,000 R. Gees, Drawing $ 1,000
B) Income Summary $ 1,000 R. Gees, Drawing $ 1,000
C) R. Gees, Drawing $ 1,000 R.Gees, Capital $ 1,000
D) R. Gees, Drawing $ 1,000 Income Summary $ 1,000

Question

Use the following account balances from the adjusted trial balance of Gees Catering:

Select the correct closing entry that Gees Catering would make to close the owner's withdrawal account at the end of the accounting period.
A) R. Gees, Capital $ 1,000 R. Gees, Drawing $ 1,000 
B) Income Summary $ 1,000 R. Gees, Drawing $ 1,000 
C) R. Gees, Drawing $ 1,000 R.Gees, Capital $ 1,000 
D) R. Gees, Drawing $ 1,000 Income Summary $ 1,000

Quizplus · Accepted Answer

The Answer of Use the following account balances from the adjusted trial balance of Gees Catering:

Select the correct closing entry that Gees Catering would make to close the owner's withdrawal account at the end of the accounting period.
A) R. Gees, Capital $ 1,000 R. Gees, Drawing $ 1,000 
B) Income Summary $ 1,000 R. Gees, Drawing $ 1,000 
C) R. Gees, Drawing $ 1,000 R.Gees, Capital $ 1,000 
D) R. Gees, Drawing $ 1,000 Income Summary $ 1,000

Use the Following Account Balances from the Adjusted Trial Balance