1) To close a partner’s drawings account, an entry must be made that:
Select one:
a. No entry
b. credits that partner’s drawings account and debit that partner’s capital account
c. debits that partner’s drawings account and credits income summary  
d. debits that partner’s drawings account and credits that partner’s capital account

2) XYZ, Inc. sells 100 shares of treasury shares at $13 per share. If the cost of acquiring the shares was $10 per share the entry for the sale should include credits to:
Select one:
a. Treasury Shares $1,000 and shares premium - treasury 300
b. Treasury Shares $300 and shares premium 1000
c. Treasury Shares $1,000
d. Treasury Shares $1,300

3) To close the loan from a partner, the debit side will be
Select one:
a. No entry
b. partner loan
c. cash
d. partner capital

Answer rating: 100% (QA)

1 To close a partners drawings account an entry must be made that Select one a No entry b credits th... View the full answer