Which of the following statements is true regarding the closing process of a merchandiser?
A)Sales Discounts,Sales Returns and Allowances,and Cost of Goods sold should all be credited during closing.
B)Sales Discounts,Sales Returns and Allowances,and Cost of Goods sold should all be debited during closing.
C)Sales Discounts and Sales Returns and Allowances should be debited; Cost of Goods Sold should be credited during closing.
D)Sales Discounts and Sales Returns and Allowances should be credited; Cost of Goods Sold should be debited during closing.
E)Sales Discounts and Sales Returns and Allowances are not closed.Cost of Goods Sold should be credited during closing.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is true regarding the closing process of a merchandiser?
A)Sales Discounts,Sales Returns and Allowances,and Cost of Goods sold should all be credited during closing.
B)Sales Discounts,Sales Returns and Allowances,and Cost of Goods sold should all be debited during closing.
C)Sales Discounts and Sales Returns and Allowances should be debited; Cost of Goods Sold should be credited during closing.
D)Sales Discounts and Sales Returns and Allowances should be credited; Cost of Goods Sold should be debited during closing.
E)Sales Discounts and Sales Returns and Allowances are not closed.Cost of Goods Sold should be credited during closing.

Which of the Following Statements Is True Regarding the Closing