The last step in the closing process is to credit the Drawing account and debit the Capital account.

Name: The last step in the closing process is to credit the Drawing account and debit the Capital account.
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This statement is true. The closing process involves transferring the balances of temporary accounts such as revenue, expenses, and drawing to the permanent account of capital. Drawing is a temporary account and needs to be closed out by crediting it and debiting capital.

The Last Step in the Closing Process Is to Credit