The owner's Capital, Withdrawals, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The amount of withdrawals for the period is
A) $50.
B) $200.
C) $400.
D) $500.

Question

The owner's Capital, Withdrawals, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:  The amount of withdrawals for the period is
A) $50. 
B) $200. 
C) $400. 
D) $500.

Quizplus · Accepted Answer

The Answer of The owner's Capital, Withdrawals, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:  The amount of withdrawals for the period is
A) $50. 
B) $200. 
C) $400. 
D) $500.

The Owner's Capital, Withdrawals, and Income Summary Accounts for Laurel