Closing the drawing account to Capital is not necessary if net income is greater than owner's drawings during the period.
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Q2: The accounting cycle begins at the start
Q4: A worksheet is a mandatory form that
Q6: A business entity has only one accounting
Q8: It is not necessary to prepare formal
Q9: After closing entries have been journalized and
Q12: If a worksheet is used financial statements
Q13: The amounts appearing on an income statement
Q14: Both correcting entries and adjusting entries always
Q15: If total credits in the income statement
Q17: The adjustments on a worksheet can be
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