Which Account Will Be Included in Both Service and Merchandising

question 73

Multiple Choice

Which account will be included in both service and merchandising companies closing entries?

• A) Sales
• B) Cost of Merchandise Sold
• C) Purchase Discounts
• D) Sales Returns and Allowances

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Definitions:

Unemployed

Individuals who are willing and able to work but cannot find employment.

Inflation Rate

measures the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

1960s

Refers to the decade from 1960 to 1969, characterized by significant social, political, and cultural changes worldwide.

1970s

A decade characterized by significant political, social, and economic changes worldwide, including the end of the Vietnam War and the oil crisis.