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mote1985 [20]
2 years ago
9

The journal entry required to close the Drawing account is _____. a debit to Income Summary account and a credit to Drawing acco

unt a debit to Capital account and a credit to Drawing account a debit to Capital account and a credit to Cash account None of these choices are correct.
Business
1 answer:
Alex_Xolod [135]2 years ago
8 0

The journal entry required to close the Drawing account is debit to Income Summary account and a credit to Drawing account.

Option a) is correct.

<h2>What is  Income Summary account ?</h2>

An income summary is a temporary account that is used to net the closing entries from all the revenue and expense accounts at the conclusion of the accounting quarter. The final balance is regarded as a gain or loss. The company made a profit for that year if the net balance of the income summary is a credit balance, and a loss for that year if the net balance is a debit balance.

It lists all earnings and costs related to both operational and non-operating operations. It is also known as a revenue and expense summary as a result.

Learn more about Income summary Accounts here:

brainly.com/question/21851842

#SPJ4

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Heather deposited $1,700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. She will ea
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Answer:  $3865.8

Explanation:

The formula to find the simple interest is given by :-

I=Prt, where P is the initial amount deposited , r is the rate of interest in decimal and t is the time period in years.

Given : P= $1700      ;    r= 9.8%=0.098     ; t=13 years

Then , the simple interest earned in 13 years will be :-

I=1700\times0.098\times13=2165.8

Now, the combined amount = P+I =$1700+$2165.8= $3865.8

Hence, the credit union would owe Heather $3865.8 in 13 years.

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3 years ago
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B. Marketing and sales

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In creating the Wii, how did Nintendo ensure a supply of complements that would motivate customers to adopt its new video game f
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Answer:

C. Nintendo produced a sufficient number of games to run on the Wii system

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Answer:Only statements 1 and 2 are correct

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