Income Summary Food Expense Utility Expense Wages Expense Advertising Interest Expense Depreciation Exoense Insurance Expense To Close the Expense accounts $ 225,668 58,000 13,100 124,000 15,500 5,439 4,628 5,000 Sales 159,600 Income summary 2$ 159,600 To close the revenue account Income Summary Jillian Dalrymple, Capital To close the Income Summary Account $ 1,463,040 1,463,040 Jillian Dalrymple, Capital Jillian Dalrymple, Drawing To close the drawing account 8,000 8,000 %24 Income Summary 159,600 (66,068) CE#1 225,668 CE#2 Balance

Which of the following entries closes the owner's drawing account at the end of the period? Group of answer choices debit the drawing account, credit cash debit the owner's equity account, credit the drawing account debit accounts receivable, credit the drawing account debit the drawing account, credit the owner's equity account

I need help with the items in red. I am trying to complete my adjusting entries sheet.

When all expense accounts are closed, what account is debited?         Each expense         Income Summary         Owners Withdrawal account         Owners Capital account

1- Please explain what closing entries are and why they are necessary. 2 -Please give an example of a closing entry and include a description. 3- please give an example two accounts that do not require a closing entry and why.

All of the information needed to record the closing entries is found in the Income Statement section of the work sheet.   Select one: True False

Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No 2. Freight-Out Liability, Credit, Balance Sheet, No V Loss on Impairment of Intangible Assets 3. Expense, Debit, Income Statement, Yes 4. Gain on Acquisition of Business (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes Federal Income Tax Withheld 8. (Revenue or Gain), Debit, Income Statement, Yes…

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i need the answer quickly