Which of the following accounts is not closed at the end of the accounting period?
A)Merchandise Inventory
B)Purchases
C)Rent Expense
D)Sales

Name: Which of the following accounts is not closed at the end of the accounting period? A)Merchandise Inventory B)Purchases C)Rent Expense D)Sales
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Question

Quizplus · Accepted Answer

Merchandise Inventory is not closed at the end of the accounting period because it is an asset account, reflecting the cost of unsold goods and is carried over to the next accounting period.

Which of the Following Accounts Is Not Closed at the End