Under a Periodic Inventory System, Which Accounts Would Be Closed

question 151

Multiple Choice

Under a periodic inventory system, which accounts would be closed to income summary with credits?

• A)Sales Returns and Allowances, Sales Revenue, and Inventory
• B)Sales Discounts, Sales Returns and Allowances, and Purchases
• C)Sales Revenue and Cost of Goods Sold
• D)Sales Returns and Allowances and Sales Revenue

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