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.
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Answer: Knowledge management
Explanation: Knowledge management approach focuses on making best use of the knowledge with the intent of achieving organisational objectives. It involves discovering, sharing and harnessing of the intellectual resources that a company holds.
Knowledge management brings improved performance, innovation and competitive advantage to the organisation.
In order to make it a source of wealth it required slave labor
