Which of the following accounts is not closed to Income Summary?
A) Cost of Goods Sold
B) Inventory
C) Sales Revenue
D) Sales Discounts

Name: Which of the following accounts is not closed to Income Summary? A) Cost of Goods Sold B) Inventory C) Sales Revenue D) Sales Discounts
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

Inventory is a balance sheet account and is not closed to Income Summary. The other accounts listed are all income statement accounts and are closed to Income Summary at the end of the accounting period.

Which of the Following Accounts Is Not Closed to Income