11. All but one of the following accounts would be credited in the closing process. Which account would not be credited in the closing entries?A. Transportation-inB. Purchase Returns and AllowancesOC. Sales DiscountsOD. PurchasesMark for review (Will be highlighted on the review page)Preamus QuestionNext Question >>

Closing Entries :— It is passed to shift balances from nominal account to permanent account. When…

11. All but one of the following accounts would be credited in the closing process. Which account would not be credited in the closing ent A. Transportation-in B. Purchase Returns and Allowances OC. Sales Discounts OD. Purchases Mark for review (Will be highlighted on the review page)

11. All but one of the following accounts would be credited in the closing process. Which account would not be credited in the closing ent A. Transportation-in B. Purchase Returns and Allowances OC. Sales Discounts OD. Purchases Mark for review (Will be highlighted on the review page)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 7DQ

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Question

11. All but one of the following accounts would be credited in the closing process. Which account would not be credited in the closing entries?
A. Transportation-in
B. Purchase Returns and Allowances
OC. Sales Discounts
OD. Purchases
Mark for review (Will be highlighted on the review page)
Preamus Question
Next Question >>

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