Which Accounts Are Affected in the Closing Process Under a Periodic

Multiple Choice

Which accounts are affected in the closing process under a periodic inventory system?

A) Gross Margin and Cost of Goods Sold
B) Cost of Goods Sold, Sales Returns and Allowances, and Sales Discounts
C) Gross Margin, Sales Returns and Allowances, and Sales Discounts
D) operating expenses, Sales Revenue, and Purchases