The fourth step in the closing process is to close the _____________ account(s) into the ___________ account(s).
A) Income Summary, Capital
B) Capital, Drawing
C) Drawing, Capital
D) Drawing, Income Summary

Question

Quizplus · Accepted Answer

The fourth step in the closing process involves closing the Drawing account(s) into the Capital account(s). This step is taken to adjust the owner's equity for any withdrawals made during the period.

The Fourth Step in the Closing Process Is to Close