In preparing closing entries A. each revenue account will be credited. B. each expense account will be credited. C. the owner’s capital account will be debited if there is net income for the period. D. the owner’s drawings account will be debited.

Explanation:

The closing entries for the following accounts are shown below:

1. Sales Revenue A/c Dr

              To Income Summary

(Being revenue account closed)

2. Income summary A/c Dr

                 To Expenses A/c

(Being expenses accounts are closed)

3. Income summary A/c Dr

             To Owner capital

(Being the difference is recorded)

4. Owner capital

         To Owner Drawing

(Being the drawing account is closed)

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best of luck,

the divergent