When Closing Income Statement Accounts Having Debit Balances, Which of the Following

question 63

Multiple Choice

When closing income statement accounts having debit balances, which of the following accounts will also be closed?

• A) Purchases Returns and Allowances
• B) Merchandise Inventory
• C) Sales Returns and Allowances
• D) Revenue

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Definitions:

Echolalia

The repetition of phrases, words, or parts of words by an individual, often part of the communication patterns seen in Autism Spectrum Disorder.

Pressured By Peers

The effect of a peer group on an individual, prompting them to alter their attitudes, values, or actions to align with the norms of the group.

Being Bullied

The experience of repeated, aggressive behavior intended to hurt or intimidate another individual, often involving a power imbalance.

Mental Health

Refers to cognitive, behavioral, and emotional well-being; it is all about how people think, feel, and behave.