K. canopy, the proprietor of canopy services, withdrew $5,700 from the business during the current year. the entry to close the withdrawals account at the end of the year is:

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Business

Macie Perkins

21 April, 18:44

K. canopy, the proprietor of canopy services, withdrew $5,700 from the business during the current year. the entry to close the withdrawals account at the end of the year is:

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Chana Reed · Answer 1

To close the withdrawals account, the capital account is debited and Withdrawals account is credited.

It is given that K. canopy, the proprietor of canopy services, withdrew $5,700 from the business during the current year.

The journal entry to close the withdrawals account at the end of the year shall be as follows:

K. canopy's Capital Debit $5,700

K. canopy's Withdrawals Credit $5,700

(Being Withdrawals account closed)