Ask Question
10 January, 04:23

K. canopy, the proprietor of canopy services, withdrew $5,700 from the business during the current year. the entry to close the withdrawals account at the end of the year is:

+5
Answers (1)
  1. 10 January, 04:26
    0
    To close the withdrawals account, the capital account is debited and Withdrawals account is credited.

    It is given that K. canopy, the proprietor of canopy services, withdrew $5,700 from the business during the current year.

    The journal entry to close the withdrawals account at the end of the year shall be as follows:

    K. canopy's Capital Debit $5,700

    K. canopy's Withdrawals Credit $5,700

    (Being Withdrawals account closed)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “K. canopy, the proprietor of canopy services, withdrew $5,700 from the business during the current year. the entry to close the withdrawals ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers