extending the work sheet amounts for a merchandising concern, what account would have the total extended to both the debit and credit columns?
A) Merchandise inventory
B) Income summary
C) Sales
D) Cost of goods sold

Question

Quizplus · Accepted Answer

The Income Summary account is used to close revenue and expense accounts, and it will have amounts extended to both the debit and credit columns to reflect the net income or loss.

Extending the Work Sheet Amounts for a Merchandising Concern, What