The Revenue, Expenses, Sales Returns and Allowances and Sales Discounts

question 98

Multiple Choice

The revenue, expenses, Sales Returns and Allowances and Sales Discounts will be closed via the:

• A)Income Summary account.
• B)Owner's Name, Capital account.
• C)Owner's Name, Withdrawals account.
• D)Fixed asset account.

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Definitions:

Detergent

A chemical compound used to remove dirt and grease, commonly used in cleaning processes due to its surfactant properties.

Ratchet

Locking mechanism of an instrument.

Locking Mechanism

A device or feature designed to prevent the operation or movement of a piece of machinery or equipment until it is unlocked.

Towels Dressings

Absorbent materials, such as towels, used for covering and protecting wounds to absorb discharge and facilitate healing.