20 - Which of the following should be done to close the sales discount account ? a) It is closed by transferring to the operating expenses group. B) It is closed by transferring to Marketing, Sales and Distribution Expenses. NS) It is closed in the period-end closing posting. D) It is closed by transferring to the debit of the Period Profit or Loss Account. TO) It is closed with the help of mirroring accounts.

20 - Which of the following should be done to close the sales discount account ? a) It is closed by transferring to the operating expenses group. B) It is closed by transferring to Marketing, Sales and Distribution Expenses. NS) It is closed in the period-end closing posting. D) It is closed by transferring to the debit of the Period Profit or Loss Account. TO) It is closed with the help of mirroring accounts.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 1QY: Which of the following is true about the Sales Returns and Allowances account? a. It is used to...

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20 -

Which of the following should be done to close the sales discount account ?

a)	It is closed by transferring to the operating expenses group.

B)	It is closed by transferring to Marketing, Sales and Distribution Expenses.

NS)	It is closed in the period-end closing posting.

D)	It is closed by transferring to the debit of the Period Profit or Loss Account.

TO)	It is closed with the help of mirroring accounts.

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