Which of the following could not possibly be a closing entry?
A)Debit Income Summary and credit owner's Capital
B)Debit Income Summary and credit Withdrawals
C)Debit owner's Capital and credit Withdrawals
D)Debit owner's Capital and credit Income Summary

Question

Quizplus · Accepted Answer

Closing entries are made to transfer balances from temporary accounts to permanent accounts. Withdrawals are closed directly to the owner's Capital account, not through the Income Summary.

Which of the Following Could Not Possibly Be a Closing