Which of the following accounts is used ONLY at the end of the accounting period?
A)Cost of sales
B)Net sales revenue
C)Income summary
D)Sales revenue

Name: Which of the following accounts is used ONLY at the end of the accounting period? A)Cost of sales B)Net sales revenue C)Income summary D)Sales revenue
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Question

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The Income Summary account is used only at the end of the accounting period to close temporary accounts and transfer their balances to permanent accounts.

Which of the Following Accounts Is Used ONLY at the End