Asked by
Jennifer Joseph
on Nov 15, 2024
Verified
Revenues are closed to the Withdrawal account.
Withdrawal Account
A withdrawal account is an account in a partnership or sole proprietorship from which an owner can withdraw his or her share of the business profits.
- Explain the chronology and reasons for closing entries.
- Calculate the ending owner's equity of a business after closing revenues, expenses, and withdrawals.
Verified Answer
AB
Learning Objectives
- Explain the chronology and reasons for closing entries.
- Calculate the ending owner's equity of a business after closing revenues, expenses, and withdrawals.
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