Which Account Will Be Included in Closing Entries of Both

question 170

Multiple Choice

Which account will be included in closing entries of both service and merchandising companies?

• A) Sales
• B) Cost of Merchandise Sold
• C) Customer Refunds Payable
• D) Estimated Inventory Returns

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Definitions:

Contraband Camps

Refuges for escaped slaves during the American Civil War, established by Union forces.

Runaway Slaves

Enslaved people who escaped from their enslavers in pursuit of freedom, often facing severe risks and hardships.

Confederate Ships

Naval vessels that were operated by the Confederate States during the American Civil War to fight against the Union.

Enlist

To voluntarily sign up for military service or, more broadly, to join an organization or cause.