Which of the Following Accounts Would Be Closed at the End

question 83

Multiple Choice

Which of the following accounts would be closed at the end of the accounting period with a debit?

• A) Operating Expenses.
• B) Cost of Goods Sold.
• C) Sales Returns and Allowances.
• D) Sales.
• E) Sales Discounts.

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Definitions:

Fees Earned

Income earned from providing services, recorded as revenue in the income statement.

Correcting Entry

An entry made in accounting records to correct a previous error or adjust for discrepancies.

Journal Entry

A record in accounting that logs a transaction and shows the affected accounts in the form of debits and credits.

Debits

Accounting entries that increase assets or expenses and decrease liabilities, equity, or revenue, recorded on the left side of accounting ledgers.