the account used to close the temporary accounts (revenues and expenses) before the finish of the accounting cycle is a.the owner's drawing account. b.fees earned. c.the owner's capital account. d.net income.

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26-10-2022
Business

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the account used to close the temporary accounts (revenues and expenses) before the finish of the accounting cycle is a.the owner's drawing account. b.fees earned. c.the owner's capital account. d.net income.

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Qwmaggi Qwmaggi · Answer 1 · 2022-10-28T11:07:52-04:00

The Owner’s capital account is used to close the temporary accounts before the finish of the accounting cycle.

In accounting, the individual ownership rights of a company's owners are recorded in a capital account. The following elements make up the capital account, which is shown on the balance sheet: capital investments made by owners either at the time of the company's founding or later on, as needed by the enterprise.

It appears in the equity section at the bottom of the company's balance sheet. This portion would be known as owner's equity in a sole proprietorship and shareholder's equity in a corporation.

The capital account of the owner has a typical credit balance. All increases in the aforementioned account are recorded as credits since the normal balance is a credit.

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