John, the owner of Matt company, withdrew $8,000 from the business during the current year. The entry to close the withdrawals account at the end of the year, is:
a. Debit capital $8,000 and credit withdrawal $ 8,000
b. Debit capital $8,000 and credit cash $ 8,000
c. Debit capital $8,000 and credit expense $ 8,000
d. Debit expense $8,000 and credit income $ 8,000
e. Credit capital $8,000 and debit withdrawal $ 8,000
Answer: A
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