Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period?
A) Debit Penny Pincher, Drawing; credit Penny Pincher, Capital
B) Debit Penny Pincher, Capital; credit Income Summary
C) Debit Penny Pincher, Capital; credit Penny Pincher, Drawing
D) Debit Income Summary; credit Penny Pincher, Drawing
Correct Answer:
Verified
Q35: One purpose of closing entries is to:
A)reduce
Q36: Which of the following statements is not
Q37: The entry to close the Depreciation Expense
Q38: The revenue account Fees Income is closed
Q39: The entry to close the owner's drawing
Q41: Which of the following accounts is a
Q42: During the closing process, Accumulated Depreciation, Equipment
Q43: After the closing entries are posted to
Q44: All of the following accounts will appear
Q45: Which of the following accounts has a
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