Which of the following accounts would be closed out with a debit?
A)Sales Discounts
B)Sales Returns and Allowances
C)Cost of Goods Sold
D)Operating Expenses
E)Sales

Name: Which of the following accounts would be closed out with a debit? A)Sales Discounts B)Sales Returns and Allowances C)Cost of Goods Sold D)Operating Expenses E)Sales
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Question

Quizplus · Accepted Answer

Sales is a revenue account and is closed with a debit to transfer its balance to the income summary account at the end of the accounting period.

Which of the Following Accounts Would Be Closed Out with a Debit