11 (2 points) When the Withdrawals account is closed, Question 11 options: None of these are correct. Income Summary will be debited. Income Summary will be credited. Owner's Capital will be debited. Question 12 (2 points) Depreciation Expense would be found on which of the following financial statements? Question 12 options: Depreciation report Statement of Owner's Equity Balance sheet Income statement Question 13 (2 points) What device is used to record the increases and decreases caused by business transactions to individual assets, liabilities, and owner's equity? Question 13 options: Account Ledger Chart of accounts Trial Balance Question 14 (2 points) The time period for which the income statement is prepared is a(n) Question 14 options: fiscal period. accounting period. calendar year. accounting cycle. Question 15 (2 points) The first step of the accounting cycle is Question 15 options: preparing a trial balance. recording journal entries. posting to the ledger. analyzing business transactions