When closing the expense account,which of the following accounts will also be closed?
A) Purchases Returns and Allowances
B) Merchandise Inventory
C) Sales Returns and Allowances
D) Owner's Capital
Correct Answer:
Verified
Q84: For each of the following, identify
Q86: The entry to close the owner's Withdrawal
Q88: For each of the following, identify
Q89: Ending inventory is adjusted by debiting Merchandise
Q89: Beginning inventory is adjusted by debiting Income
Q89: For each of the following, identify
Q90: Closing entries
A) are posted to the general
Q90: When closing sales,which of the following accounts
Q93: The entry to close the Freight-In account
Q106: In closing entries, the Income Summary account
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