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After Preparing and Posting the Closing Entries for Revenues and Expenses,the

Question 20

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After preparing and posting the closing entries for revenues and expenses,the income summary account has a debit balance of $33,000.The entry to close the income summary account will be:


A) Debit Owner Withdrawals $33,000;credit Income Summary$33,000.
B) Debit Income Summary $33,000;credit Owner Withdrawals $33,000.
C) Debit Income Summary$33,000;credit Owner Capital $33,000.
D) Debit Owner Capital $33,000;credit Income Summary $33,000.
E) Credit Owner Capital $33,000;debit Owner Withdrawals $33,000.

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