J. Awn, the proprietor of Awn Services, withdrew $8,700 from the business during the current year. The entry to close the withdrawals account at the end of the year, is:
a. Debit withdrawal 8,700 and credit cash $ 8,700
b. Debit capital $8,700 and credit withdrawal $ 8,700
c. Debit capital $8,700 and credit expense $ 8,700
d. Debit expense $8,700 and credit income $ 8,700
e. Credit capital $8,700 and debit withdrawal $ 8,700
Answer: B
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