Use the following account balances from the adjusted trial balance columns of RB Auto's worksheet to answer below question. Select the correct closing entry that RB Auto would make to close the owner's withdrawal account at the end of the accounting period.
A) debit R.Holloway,Drawing $500 and credit Income Summary for $500.
B) debit Income Summary $500 and credit R.Holloway,Drawing for $500.
C) debit R.Holloway,Capital $500 and credit R.Holloway,Drawing for $500.
D) debit R.Holloway,Drawing $500 credit R.Holloway,Capital for $500.

Question

Use the following account balances from the adjusted trial balance columns of RB Auto's worksheet to answer below question.  Select the correct closing entry that RB Auto would make to close the owner's withdrawal account at the end of the accounting period.
A) debit R.Holloway,Drawing $500 and credit Income Summary for $500. 
B) debit Income Summary $500 and credit R.Holloway,Drawing for $500. 
C) debit R.Holloway,Capital $500 and credit R.Holloway,Drawing for $500. 
D) debit R.Holloway,Drawing $500 credit R.Holloway,Capital for $500.

Quizplus · Accepted Answer

The Answer of Use the following account balances from the adjusted trial balance columns of RB Auto's worksheet to answer below question.  Select the correct closing entry that RB Auto would make to close the owner's withdrawal account at the end of the accounting period.
A) debit R.Holloway,Drawing $500 and credit Income Summary for $500. 
B) debit Income Summary $500 and credit R.Holloway,Drawing for $500. 
C) debit R.Holloway,Capital $500 and credit R.Holloway,Drawing for $500. 
D) debit R.Holloway,Drawing $500 credit R.Holloway,Capital for $500.

Use the Following Account Balances from the Adjusted Trial Balance