Questions: Based on the preceding trial balance, the entry to close C. Finley, Withdrawals would

The entry to close C. Finley, Withdrawals would involve transferring the balance from the Withdrawals account to the Capital account. This is done to update the owner's equity by reflecting the withdrawals made during the period.

Given the information from the trial balance, the Withdrawals account has a debit balance of $3,000. To close this account, you would need to credit the Withdrawals account and debit the Capital account.

The journal entry to close C. Finley, Withdrawals would be:

Debit: C. Finley, Capital $3,000
Credit: C. Finley, Withdrawals $3,000

This entry effectively reduces the capital by the amount withdrawn by the owner during the period.