When closing income statement accounts having credit balances, which of the following accounts will also be closed?
A) Sales Returns and Allowances
B) Purchases Discount
C) Accounts Receivable
D) Unearned Revenue

Question

Quizplus · Accepted Answer

Purchases Discount is a contra-expense account with a credit balance that is closed at the end of the accounting period.

When Closing Income Statement Accounts Having Credit Balances, Which of the Following