The entry to close the drawing account would involve a
A) debit to capital.
B) credit to cash.
C) debit to Income Summary.
D) credit to net income.

Name: The entry to close the drawing account would involve a A) debit to capital. B) credit to cash. C) debit to Income Summary. D) credit to net income.
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Question

Quizplus · Accepted Answer

The drawing account is closed by debiting the capital account and crediting the drawing account. This reflects the reduction in owner's equity due to withdrawals.

The Entry to Close the Drawing Account Would Involve a