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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28-09-2018
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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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andromache andromache · Answer 1 · 2018-10-08T12:48:49+02:00

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 )

AkshayG AkshayG · Answer 2 · 2020-03-13T05:23:53+01:00

The K’s canopy’s capital account should be debited and K. canopy’s Withdrawals account should be credited by $5,700 each.

Further Explanation:

Closing entries:

The closing entry refers to the journal entry, which is recorded in the book at the end of the accounting period. The closing entry is required to dissolve the temporary accounts such as revenue and expenses. The accounts are dissolved by transferring the balance of the temporary accounts to the income statement. All the income statement balances are transferred to the retained earnings and shown on the liabilities side of the balance sheet.

Closing entry for the drawings:

K. canopy has withdrawn $5,700 from the business for personal use. It will be recorded as personal expenses will be recorded as a drawing. It is a deduction from the capital of the proprietor because the funds are withdrawn for personal use. It will decrease the capital account. Therefore, K. canopy’s capital is debited, and withdrawals are credited to close the withdrawals account.

Thus, the K’s canopy’s capital account should be debited and K. canopy’s Withdrawals account should be credited by $5,700 each.

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Answer Details:

Grade: High school

Chapter: Journal entries

Subject: Accounting

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