Which of the Following Accounts Is Used Only at the Close

question 53

Multiple Choice

Which of the following accounts is used only at the close of the accounting period to adjust the merchandise inventory account and summarize the temporary owner's equity accounts?

• A) Owner's Capital
• B) Income Summary
• C) Cost of Goods Sold
• D) Sales

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Definitions:

Contingent Liabilities

Potential obligations that may arise in the future due to past events, the occurrence and amount of which are uncertain.