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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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  1. 21 April, 21:18
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    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)
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