Which account listed below would be double ruled in the ledger as part of the closing process?
A) Cash
B) Owner's Capital
C) Owner's Drawings
D) Accumulated Depreciation-Equipment

Question

Quizplus · Accepted Answer

Owner's Drawings would be double ruled in the ledger as part of the closing process because it is a temporary account that tracks the amount of money the owner has withdrawn from the business during the accounting period. Closing the account means transferring its balance to the Owner's Capital account, which is a permanent account and not double ruled in the ledger.

Which Account Listed Below Would Be Double Ruled in the Ledger