J. Awn, the proprietor of Awn Services, withdrew $8,700 from the business during the current year. The entry to close the withdrawals account at the end of the year is: Group of answer choices Debit J. Awn, Withdrawals $8,700; credit Cash, $8,700 Debit J. Awn, Capital $8,700, credit Salary Expense $8,700 Debit J. Awn, Capital $8,700; credit J. Awn, Withdrawals $8,700 Debit J. Awn, Withdrawals $8,700; credit J. Awn, Capital $8,700
J. Awn, the proprietor of Awn Services, withdrew $8,700 from the business during the current year. The entry to close the withdrawals account at the end of the year is: Group of answer choices Debit J. Awn, Withdrawals $8,700; credit Cash, $8,700 Debit J. Awn, Capital $8,700, credit Salary Expense $8,700 Debit J. Awn, Capital $8,700; credit J. Awn, Withdrawals $8,700 Debit J. Awn, Withdrawals $8,700; credit J. Awn, Capital $8,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
J. Awn, the proprietor of Awn Services, withdrew $8,700 from the business during the current year. The entry to close the withdrawals account at the end of the year is:
Group of answer choices
Debit J. Awn, Withdrawals $8,700; credit Cash, $8,700
Debit J. Awn, Capital $8,700, credit Salary Expense $8,700
Debit J. Awn, Capital $8,700; credit J. Awn, Withdrawals $8,700
Debit J. Awn, Withdrawals $8,700; credit J. Awn, Capital $8,700
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