Which of the following accounts are closed to the owner's capital account?
A)liabilities and assets
B)the owner's withdrawals account and liabilities
C)income summary and the owner's withdrawals account
D)revenues, expenses, and liabilities

Question

Quizplus · Accepted Answer

The income summary account is used to transfer the net income (or loss) to the owner's capital account, and the owner's withdrawals account directly affects the owner's capital account by reducing it.

Which of the Following Accounts Are Closed to the Owner's