When closing income statement accounts having debit balances, which of the following accounts will also be closed?
A) Purchases Returns and Allowances
B) Merchandise Inventory
C) Sales Returns and Allowances
D) Revenue
Correct Answer:
Verified
Q77: How is Income Summary closed if the
Q78: The entry to adjust salaries was done
Q79: Adjusting entries from the worksheet:
A) are journalized
Q80: The entry to close the Withdrawals account
Q81: The entry to close the owner's Withdrawals
Q83: The entry to record the adjustment for
Q84: The post-closing trial balance would include Supplies
Q85: Which of the following transactions could cause
Q86: Which of the following accounts will appear
Q87: The entry to close the Freight-in account
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