Kizspy Question: 12
(Choose 1 answer)
revental.com
(1884)
The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's
December 31 work sheet. Prepare the necessary closing entries into OWNER CAPITAL
Asset: $15,000
Liability: $14,000
Withdrawal: $1,000
A. Debit Withdrawal: $1,000
Credit Owner Capital: $1,000
B. Debit expense: $1,000
Credit Owner Capital: $1,000
C. Debit Owner Capital: $1,000
Credit expense: $1,000
D. Debit Owner Capital: $1,000
Credit Withdrawal: $1,000
E. Debit income summary: $1,000
Credit Withdrawal: $1,000
