Under a periodic inventory system, which accounts would be closed to income summary with credits?
A)Sales Returns and Allowances, Sales Revenue, and Inventory
B)Sales Discounts, Sales Returns and Allowances, and Purchases
C)Sales Revenue and Cost of Goods Sold
D)Sales Returns and Allowances and Sales Revenue

Question

Quizplus · Accepted Answer

The Answer of Under a periodic inventory system, which accounts would be closed to income summary with credits?
A)Sales Returns and Allowances, Sales Revenue, and Inventory
B)Sales Discounts, Sales Returns and Allowances, and Purchases
C)Sales Revenue and Cost of Goods Sold
D)Sales Returns and Allowances and Sales Revenue

Under a Periodic Inventory System, Which Accounts Would Be Closed