Principles of Financial Accounting.
22nd Edition
ISBN: 9780077632892
Author: John J. Wild
Publisher: McGraw Hill
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Textbook Question
Chapter 4, Problem 1MCQ
G. Venda, owner of Venda Services, withdrew $25,000 from the business during the current year. The entry to close the withdrawals account at the end of the year is:
Expert Solution & Answer
To determine
The entry to close the withdrawals account at the end of the year.
Answer to Problem 1MCQ
Option (e) is the correct answer.
Explanation of Solution
Person G is the owner of Company V, who has withdrawn $25,000 from the business during the present year. As it is given that the amount is withdrawn, it must be credited and the capital amount should be debited. Hence, the following entry shows that correct answer.
Therefore, Option e is the correct answer.
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Students have asked these similar questions
G. Venda, owner of Venda Services, withdrew $25,000 from the business during the current year. The entry to close the withdrawals account at the end of the year is:
K. Canopy, the proprietor of Canopy Services, withdrew $6,200 from the business during the current year. The entry to close the withdrawals account at the end of the year is:
__ Debit K Canopy, Withdrawals $6,200; credit Cash, $6,200
__ Debit K. Canopy, Capital $6,200; credit K. Canopy, Withdrawals $6,200
__ Debit K. Canopy, Withdrawals $6,200; credit K. Canopy, Capital $6,200
__ Debit K. Canopy, Capital $6,200, credit Salary Expense $6,200
__ Debit Income Summary $6,200; credit K. Canopy, Capital $6,200
Subject :- Accounting
. K. Canopy, the proprietor of Canopy Services, withdrew $5,000 from the business during the current year. The entry to close the withdrawals account at the end of the year is:
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - Prob. 4ECh. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - Prob. 17ECh. 4 - Prob. 1APCh. 4 - Prob. 2APCh. 4 - Prob. 3APCh. 4 - Prob. 4APCh. 4 - Problem 4-5A The adjusted trial balance of Karise...Ch. 4 - Prob. 6APCh. 4 - Prob. 1BPCh. 4 - Problem 4-2B The following unadjusted trial...Ch. 4 - Prob. 3BPCh. 4 - Prob. 4BPCh. 4 - Problem 4-5B Santo Company’s adjusted trial...Ch. 4 - Prob. 6BPCh. 4 - Prob. 4SPCh. 4 - BTN 4-1 Refer to Apple's financial statements in...Ch. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Prob. 7BTNCh. 4 - Prob. 9BTN
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