Which of the following accounts is used only at the close of the accounting period to adjust the merchandise inventory account and summarize the temporary owner's equity accounts?

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The Income Summary account is used only at the close of the accounting period to adjust the merchandise inventory account and summarize the temporary owner's equity accounts. Option A, Owner's Capital, is a permanent account that reflects the owner's investment in the business. Option C, Cost of Goods Sold, is an expense account that is adjusted throughout the accounting period and not just at the close of the period. Option D, Sales, is a revenue account that is also adjusted throughout the accounting period and not just at the close of the period.

Which of the Following Accounts Is Used Only at the Close