The revenue,expenses,Sales Returns and Allowances,and Sales Discounts will be closed via the ________ account.
A)Income Summary
B)Owner,Capital
C)Dividend
D)Stockholders' Equity

Question

Quizplus · Accepted Answer

The Income Summary account is used to close temporary accounts including revenue, expenses, sales returns and allowances, and sales discounts. This account is closed to the Owner's Equity account. Therefore, the best choice is A, Income Summary.

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