1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ella [17]
2 years ago
13

TB MC Qu. 04-99 K. Canopy, the proprietor of Canopy Services... K. Canopy, the proprietor of Canopy Services, withdrew $6,200 fr

om 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
Business
1 answer:
Svetlanka [38]2 years ago
4 0

Answer:

Debit K Canopy, Capital $6,200;

Credit K Canopy Withdrawals $6,200

Explanation:

With regards to the above, the entries to close the withdrawals account at the end of the year would be;

Debit K Canopy, Capital $6,200

Credit K Canopy Withdrawals $6,200

Capital is being debited because cash is being taken from the business, hence it will be debited, while withdrawal account would be credited since its receiving cash.

You might be interested in
What are products called that are special or different from those grown as commodities?
dybincka [34]

Answer:

unique prroducts

Explanation:

A product is a commodity when all units of production are identical, regardless of who produces them. However, to be a differentiated product, a company's product is different than those of its competitors. On the continuum between commodities and differentiated products are many degrees and combinations of the two.

6 0
3 years ago
For m > p2, the demand functions for goods 1 and 2 are given by the equations, x1 =m/p2 - 1 and x2 = p1/p2, where m is income
dmitriy555 [2]

Answer:

Option B is correct.

<u>A horizontal line</u>

Explanation:

Then for m > 2 , the income offer curve would be a horizontal line.

Income offer curve define as the curve which depicts the optimal choice of two goods at different levels of income at constant price. It is otherwise known as "Income Expansion Path"

8 0
3 years ago
maximum amount willing to payGenesis Scents has two divisions: the Cologne Division and the Bottle Division. The Bottle Division
Bezzdna [24]

Answer: $2.60

Explanation:

Based on the information given in the question, the maximum amount that the Cologne Division would be willing to pay for each bottle transferred would be the amount that the company can purchase the containers in the external market which is given in the question as $2.60.

That's the highest amount that they can but the containers for. Therefore, the answer is $2.60

8 0
3 years ago
Dear Mr. Sanchez:
tiny-mole [99]

Answer and Explanation:

1. After discovering about the value of local group ethical leadership, year before. The students naturally experienced most of your work and gratefully asked for the chance for your existence to make a major impact on our next generation of leaders.

The first option is the better option as the next paragraph provides a meaning. The next paragraph starts with 'therefore' It appears to be relatable

2. Even before central message, it does not explain the reasons, and it has no reader advantages.

The meaning as a whole is fairly ambiguous and inconsistent. The reasoning isn't very powerful and there seems to be a lack of compassion.

3. Typically a claim or complaint response ends with a service provider 's expectation. The author must submit a reasonable request in this situation.

7 0
3 years ago
Admire County Bank agrees to lend Sheffield Brick Company $614000 on January 1. Sheffield Brick Company signs a $614000, 8%, 9-m
AleksAgata [21]

Answer:

January 1

Cash                                    614000 Dr

   Notes Payable                      614000 Cr

Explanation:

The Sheffield Brick Company has borrowed from the Admire county bank which means the note payable is a liability in the books of the Sheffield Brick company. As liability is increased or recorded, it is credited. The amount of liability is $614000 on the day of the issuance of note. Thus, Sheffield will credit Note payable by $614000.

The Sheffield company has received cash by signing note. As cash is an asset and it is increasing, the Sheffield company will debit cash by 614000 against the notes payable.

4 0
3 years ago
Other questions:
  • 1. A parent sells merchandise to its subsidiary at a markup of 20% on cost. In the current year, the subsidiary had $120,000 in
    14·1 answer
  • The ____, an accord among 117 nations, called for lower tariffs around the world. a. European Union Accord b. North American Fre
    7·1 answer
  • A marketer makes a place decision by selecting channels of distribution. what does this mean?
    9·1 answer
  • _____ is not a primary concern when writing menu copy.
    9·1 answer
  • Eley Corporation produces a single product. The cost of producing and selling a single unit of this product at the company's nor
    7·1 answer
  • The team is struggling to agree on the Story point sizing of a new User Story. The Product Owner was previously a related domain
    5·1 answer
  • Precise Machinery is analyzing a proposed project. The company expects to sell 2,100 units, give or take 5 percent. The expected
    9·1 answer
  • Phipps Company borrowed $25,000 cash on October 1, 2016, and signed a nine-month, 8% interest-bearing note payable with interest
    14·1 answer
  • Education is the basic requirement for profession.Explain this statement​
    15·1 answer
  • Discount Outlet has net income of $389,100, a profit margin of 2.8 percent, and a return on assets of 8.6 percent. What is the c
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!