The correct closing entry for a profit of $105 300 is:
A) No closing entry is required
B) Debit profit and loss summary account $105 300; credit owner's capital account $105 300
C) Debit owner's capital account $105 300; credit profit and loss summary account $105 300
D) Debit owner's capital account $105 300; credit bank $105 300
Correct Answer:
Verified
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