Which accounts are affected in the closing process under a periodic inventory system?
A)Gross Margin and Cost of Goods Sold
B)Cost of Goods Sold, Sales Returns and Allowances, and Sales Discounts
C)Gross Margin, Sales Returns and Allowances, and Sales Discounts
D)operating expenses, Sales Revenue, and Purchases

Question

Quizplus · Accepted Answer

In a periodic inventory system, the closing process involves closing temporary accounts such as Sales Revenue, Purchases, and operating expenses to prepare the accounts for the next period.

Which Accounts Are Affected in the Closing Process Under a Periodic