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K. Canopy, the proprietor of Canopy Services, withdrew 5,100 from the business during the current year. The entry to close the withdrawals account at the end of the year is: Multiple Choice Debit K. Canopy, Capital 5,100 credit K. Canopy, Withdrawals 5,100 Debit K. Canopy, Capital 5,100 credit Salary Expense 5,100 Debit K Canopy, Withdrawals 5,100; credit Cash. 5,100 Debit Income Summary 5,100 credit K. Canopy, Capital 5,100 Debit K. Canopy, Withdrawals 5,100 credit K. Canopy, Capital 5,100

Problemas

K. Canopy, the proprietor of Canopy Services, withdrew 5,100 from the business during the current year. The entry to close the withdrawals account at the end of the year is: Multiple Choice Debit K. Canopy, Capital 5,100 credit K. Canopy, Withdrawals 5,100 Debit K. Canopy, Capital 5,100 credit Salary Expense 5,100 Debit K Canopy, Withdrawals 5,100; credit Cash. 5,100 Debit Income Summary 5,100 credit K. Canopy, Capital 5,100 Debit K. Canopy, Withdrawals 5,100 credit K. Canopy, Capital 5,100

K. Canopy, the proprietor of Canopy Services, withdrew 5,100 from the business during the current year. The entry to close the withdrawals account at the end of the year is: Multiple Choice Debit K. Canopy, Capital 5,100 credit K. Canopy, Withdrawals 5,100 Debit K. Canopy, Capital 5,100 credit Salary Expense 5,100 Debit K Canopy, Withdrawals 5,100; credit Cash. 5,100 Debit Income Summary 5,100 credit K. Canopy, Capital 5,100 Debit K. Canopy, Withdrawals 5,100 credit K. Canopy, Capital 5,100

Solución

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Gaelveterano · Tutor durante 11 años
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The correct entry to close the withdrawals account at the end of the year is:<br /><br />**Debit K. Canopy, Capital \$5,100; credit K. Canopy, Withdrawals \$5,100**<br /><br />This entry transfers the balance from the Withdrawals account to the Capital account, effectively reducing the owner's equity by the amount withdrawn during the year.
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