Multiple Choice
What is the correct closing entry for the bank account?
A) No closing entry is required
B) Debit owner's capital account; credit bank
C) Debit bank; credit owner's capital account
D) Debit profit or loss summary account; credit bank
Correct Answer:
Verified
Related Questions
Q28: The major purpose of a post-closing trial
Q34: Q35: Which statement relating to closing entries is Q36: Which statement relating to the profit or Q37: Which of the following is the correct
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents