During the closing process, Accumulated Depreciation, Equipment will:
A. not be closed.
B. be closed to the capital account.
C. be closed to the drawing account.
D. be closed to the income summary account.
Answer: A
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Comfort Mattresses, Inc. sold 26,000 shares of its $1 par value common stock at a cash price of $12 per share. The entry to record this transaction would be:
A. Debit Cash $312,000; credit Stock Liability $286,000; credit Common Stock $26,000. B. Debit Cash for $312,000; credit Common Stock $312,000. C. Debit Common Stock $26,000; debit Paid-in Capital in Excess of Par Value, Common Stock $286,000; credit Cash $312,000. D. Debit Common Stock $26,000; credit Cash $26,000. E. Debit Cash $312,000; credit Common Stock $26,000; credit Paid-in Capital in Excess of Par Value, Common Stock $286,000.