(46)
Answer (Choose 1 answer)
(1832)
John, the owner of Matt company, withdrew $8,000 from the business during the current year. The entry to close the withdrawals account at the end of the year, is:
A. Debit capital $8,000 and credit withdrawal $ 8,000
B. Debit capital $8,000 and credit cash $ 8,000
C. Debit capital $8,000 and credit expense $ 8,000
D. Debit expense $8,000 and credit income $ 8,000
E. Credit capital $8,000 and debit withdrawal $ 8,000
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