The revenue, expenses, Sales Returns and Allowances and Sales Discounts will be closed via the:
A)Income Summary account.
B)Owner's Name, Capital account.
C)Owner's Name, Withdrawals account.
D)Fixed asset account.

Question

Quizplus · Accepted Answer

The revenue, expenses, Sales Returns and Allowances and Sales Discounts will be closed via the Income Summary account, which ultimately closes to the Owner's Name, Capital account.

The Revenue, Expenses, Sales Returns and Allowances and Sales Discounts