Which Accounts Are Affected in the Closing Process Under a Periodic

question 75

Multiple Choice

Which accounts are affected in the closing process under a periodic inventory system?

• A)Gross Margin and Cost of Goods Sold
• B)Cost of Goods Sold, Sales Returns and Allowances, and Sales Discounts
• C)Gross Margin, Sales Returns and Allowances, and Sales Discounts
• D)operating expenses, Sales Revenue, and Purchases