Which of the following accounts would be closed at the end of the accounting period with...

Question

Question

Answer 1

Answer #1

Account to be closed at end of the accounting period with a debit should be an account of Income or equity.
In this case all accounts are related to expense only hence will be closed by a Credit entry only.
If there are only these 4 options, best possible answer is "Sales return and allowance".


Sales	842000
sales discount	12630
Sales return and allowance	18945
COGS	399950
Operating exepnse	289650
Net income	120825

Answer 2

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