Which of the following accounts would be closed at the end of a period?
A)Sales
B)Retained Earnings
C)Unearned Revenue
D)Prepaid Expense

Question

Quizplus · Accepted Answer

Sales accounts are closed at the end of a period to transfer their balances to the income summary account, which is then used to adjust the retained earnings in the equity section of the balance sheet. Retained earnings, unearned revenue, and prepaid expenses are balance sheet accounts that carry their balances forward into future periods.

Which of the Following Accounts Would Be Closed at the End