The last step in the closing procedure closes
A) the Income Summary account.
B) the Capital account.
C) the Drawing account.
D) the expense accounts.
E) all liability accounts.

Name: The last step in the closing procedure closes A) the Income Summary account. B) the Capital account. C) the Drawing account. D) the expense accounts. E) all liability accounts.
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Question

Quizplus · Accepted Answer

The last step in the closing procedure is to close the Drawing account to the Capital account, finalizing the owner's equity for the period.

The Last Step in the Closing Procedure Closes