Which of the following groups of accounts will have zero balances after the closing process is completed?
A)Depreciation Expense and Accumulated Depreciation-Equipment
B)Allowance for Doubtful Accounts and Uncollectible Accounts Expense
C)Purchases and Purchases Returns and Allowances
D)Merchandise Inventory and Sales

Question

Quizplus · Accepted Answer

Purchases and Purchases Returns and Allowances are temporary accounts that are closed at the end of the accounting period, resulting in zero balances.

Which of the Following Groups of Accounts Will Have Zero