The closing process causes the account balance of which account to be zeroed out?
A) Cash
B) Account Payable
C) Accumulated Depreciation
D) R. Carson, Drawing

Question

Quizplus · Accepted Answer

The R. Carson, Drawing account is a temporary account that tracks the owner's withdrawals from the business. As part of the closing process, this account is closed and its balance is transferred to the owner's equity account. Therefore, the account balance of R. Carson, Drawing is zeroed out at the end of the closing process.

The Closing Process Causes the Account Balance of Which Account