Net income for the current period is closed:
A) to the owner's withdrawals account.
B) to the owner's capital account.
C) to the cash account.
D) to the income summary account.
Correct Answer:
Verified
Q60: The entry to close a net loss
Q61: Revenues, expenses, and withdrawals would not appear
Q62: The income summary account is closed to
Q63: Owner withdrawals for the current period are
Q64: The balance in the capital account after
Q66: The capital account has an ending balance
Q67: If income summary has a $13,500 debit
Q68: The withdrawals account is a temporary account
Q69: Which of the following accounts are closed
Q70: If the amount of net income for
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