Which of the following accounts would be closed at the end of the accounting period?
A)Merchandise Inventory
B)Purchases
C)Prepaid Rent
D)Accumulated Depreciation

Question

Quizplus · Accepted Answer

Purchases account is a temporary account used in the accounting for inventory, which is closed at the end of the accounting period by transferring its balance to the cost of goods sold or to the inventory account. This process is part of closing the books to prepare for the next accounting period.

Which of the Following Accounts Would Be Closed at the End