Sales Discounts,Sales Returns and Allowances,and Cost of Goods Sold Are

question 112

True/False

Sales Discounts,Sales Returns and Allowances,and Cost of Goods Sold are all closed to the Income Summary account with debits.

---

Definitions:

Legal Title

The formal right of ownership to property, recognized and protected by law.

Administer

To manage or direct the execution of affairs, the application of substances, or the carrying out of certain actions.

Probate

The legal process of validating a will and distributing a deceased person's assets under supervision.

Resulting Trust

An implied trust that arises when one party holds the legal title to another’s property only for that other’s benefit.