Which of the following accounts would be closed at the end of the accounting period with a debit?
a. Sales Discount
b. Sales Return and Allowances
c. Cost of Goods Sold
d. Operating Expense
e. Sales
Which of the following accounts would be closed at the end of the accounting period with a debit?
a. Sales Discount
b. Sales Return and Allowances
c. Cost of Goods Sold
d. Operating Expense
e. Sales
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Related questions
From the following details, calculate net sales revenue.
Sales revenue |
$460,000 |
Cost of goods sold |
300,000 |
Operating expenses |
85,000 |
Sales discounts |
20,000 |
Sales returns and allowances |
15,000 |
Interest revenue |
5,000 |
a. $400,000
b. $415,000
c. $425,000
d. $455,000
1. Purchases, $96â; Grossâ Sales, $176â; Sales Returns andâAllowances, $15â; Salesâ Discounts, $24â; Operatingâ Expenses,$55â; Netâ Sales, $137â; âFreight-In, $9â; Beginningâ Inventory,$18â; EndingâInventory, $8â; Netâ Purchases, $62â; Cost of GoodsâSold, $ 81
a. The gross profit is __
â(Use parentheses or a minus sign to show a netâ loss.)
b. The net income or net loss is __
2.
âJack's Online Service on April 30 has the following accountâbalances:
Sales | $27,000 | |
Sales Returns and Allowances | $10,000 | |
Purchases | $16,000 | |
FreightminusâIn | $1,700 | |
Purchase Returns and Allow. | $2,200 | |
Purchases Discounts | $1,400 |
Net purchases for the periodâ are:
3. The entry to record a payment on a $660 account within the3â% discount period would includeâ a: (Round your calculation tothe nearest wholeâ dollar.)
A. debit to Cash for $660.
B. debit to Accounts Payable for $640.
C. debit to Accounts Payable for $660.
D. credit to Purchases for $640.