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

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

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

Which of the Following Accounts Is Not Closed to Income