The revenue,expenses,Sales Returns and Allowances,and Sales Discounts will be closed via the ________ account.

Question

Quizplus · Accepted Answer

The revenue, expenses, sales returns and allowances, and sales discounts accounts are temporary accounts that need to be closed at the end of the accounting period. The Income Summary account is used to transfer the balances from these temporary accounts to the Retained Earnings or the Owner's Equity account. Therefore, the correct choice is A, Income Summary.

The Revenue,expenses,Sales Returns and Allowances,and Sales Discounts Will Be Closed