Which of the Following Statements Is True Regarding the Closing

question 90

Multiple Choice

Which of the following statements is true regarding the closing process of a merchandiser?

• A)Sales Discounts,Sales Returns and Allowances,and Cost of Goods sold should all be credited during closing.
• B)Sales Discounts,Sales Returns and Allowances,and Cost of Goods sold should all be debited during closing.
• C)Sales Discounts and Sales Returns and Allowances should be debited; Cost of Goods Sold should be credited during closing.
• D)Sales Discounts and Sales Returns and Allowances should be credited; Cost of Goods Sold should be debited during closing.
• E)Sales Discounts and Sales Returns and Allowances are not closed.Cost of Goods Sold should be credited during closing.