Owner withdrawals for the current period are closed to:
A)the cash account.
B)the income summary account.
C)the owner's capital account.
D)the revenue accounts.

Name: Owner withdrawals for the current period are closed to: A)the cash account. B)the income summary account. C)the owner's capital account. D)the revenue accounts.
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Question

Quizplus · Accepted Answer

Owner withdrawals are closed to the owner's capital account, reflecting a decrease in the owner's equity in the business.

Owner Withdrawals for the Current Period Are Closed To