Regarding the Four-Step Closing Process Under the Periodic Inventory System,________

Regarding the four-step closing process under the periodic inventory system,________.

A) purchase Returns and Allowances and Purchase Discount accounts are closed with a credit via the Income Summary account
B) Sales Revenue is closed with a credit via the Income Summary account
C) the beginning Merchandise Inventory,Purchases,and Freight In are closed with a debit via the Income Summary account
D) the ending merchandise inventory balance must be recorded as a debit via the Income Summary account

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free