All of the following accounts are closed at the end of the accounting period EXCEPT
A) Sales Returns and Allowances.
B) Freight Out.
C) Cost of Goods Sold.
D) Merchandise Inventory.
Correct Answer:
Verified
Q117: If a customer agrees to keep merchandise
Q118: As an incentive for customers to purchase
Q119: Using a perpetual inventory system, the respective
Q120: The Sales Discounts account is classified as
A)
Q121: Gross profit for a merchandising concern is
Q123: Gross profit does NOT appear
A) on a
Q124: In a perpetual inventory system, the Merchandise
Q125: When recording a credit sale in a
Q126: The journal entry to record a shortage
Q127: If returned merchandise is not damaged and
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