Which of the following accounts will be closed directly to Capital at the end of the fiscal year?
A) Salaries Expense
B) Fees Revenue
C) Withdrawals
D) Accumulated Depreciation

Question

Quizplus · Accepted Answer

Withdrawals by the owner are closed directly to the Capital account at the end of the fiscal year. This reflects the owner taking assets out of the business for personal use, which reduces the owner's equity in the business.

Which of the Following Accounts Will Be Closed Directly to Capital