Multiple Choice
Which of the following accounts would be closed at the end of the accounting period?
A) Merchandise Inventory
B) Purchases
C) Prepaid Rent
D) Accumulated Depreciation
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q44: In the general journal, reversing entries are
Q45: A classified income statement showed net sales
Q46: For the current fiscal year, Purchases were
Q47: The owner of a firm had capital
Q48: Which of the following statements is not
Q50: The current ratio is calculated by<br>A)dividing total
Q51: Which of the following should be classified
Q52: Interest Expense is classified as a(n):<br>A)Administrative Expense<br>B)Other
Q53: The balance of the owner's drawing account
Q54: Use the following account balances from the