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27 August, 09:24

The balance in the j. higgins, withdrawals account was. the entry to close the account would include a:

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  1. 27 August, 09:45
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    The correct answer to this question would be a credit entry.

    A withdrawal account has a debit balance throughout the accounting period when the owner makes a withdrawal. At the end of the accounting cycle there needs to be a closing entry made that would zero out the withdrawal account. This entry will be a credit to the withdrawal account and a debit to the capital account. The amount will be the balance in the withdrawal account in order to bring the balance to zero.
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