When closing income statement accounts having debit balances, which of the following accounts will also be closed? O Purchases Returns and Allowances O Revenue O Sales Returns and Allowances Merchandise Inventorv

When closing income statement accounts having debit balances, which of the following accounts will also be closed? O Purchases Returns and Allowances O Revenue O Sales Returns and Allowances Merchandise Inventorv

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

When closing income statement accounts having debit balances, which of the following accounts will also be
closed?
O Purchases Returns and Allowances
Revenue
Sales Returns and Allowances
Merchandise Inventorv

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