Which of the following accounts is used ONLY at the close of the merchandising cycle?
A) Net sales revenue
B) Income summary
C) Cost of goods sold
D) Sales revenue

Question

Quizplus · Accepted Answer

Income summary is used ONLY at the close of the merchandising cycle to summarize the revenue and expenses and determine the net income for the period. Net sales revenue, cost of goods sold, and sales revenue are used throughout the merchandising cycle to track the sales and expenses.

Which of the Following Accounts Is Used ONLY at the Close