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.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 1DQ: What is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts?...
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0dfa6674-1236-4f6f-8e59-115689d7a4af%2Fa2853d38-7c95-4256-985a-7dffbc9999b3%2Frmlh2uf_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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