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QUESTION 21 What is the proper entry to close out the Drawing account? O Dr. Capital, Cr. Drawing Account O Dr. Drawing Accou
QUESTION 31 What is the entry to record a funeral service done on account and signed for? O Dr. Notes Receivable, Cr. Cash O
QUESTION 34 What is the entry to record a funeral service that was paid for partially in cash and the balance is owed? Dr. Ca
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Answer #1

21) Close drawing account

Date account and explanation debit Credit
Capital account XXX
Drawing account XXX

So answer is a) Dr Capital, Cr Drawing account

22) If income summary has credit balance it means company operating profit

31 Journal entry

Date account and explanation debit Credit
Notes receivable XXX
Revenue XXX

So answer is b) Dr Notes receivable cr Revenue

32) Journal entry

Date account and explanation debit Credit
Cash XXX
Account receivable XXX
Revenue XXX

So answer is b) Dr cash, account receivable, Cr revenue

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