From the following list, identify the accounts that should be closed to Income Summary at the end

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From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system:

(a) Accounts Payable,

(b) Advertising Expense,

(d) Merchandise Inventory,

(e) Sales,

(f) Sales Discounts,

(g) Sales Returns and Allowances,

(h) Supplies,

(i) Supplies Expense,

(j) Valery Lavine, Drawing,

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Financial & Managerial Accounting

ISBN: 978-1285868776

13th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Posted: May 28, 2018 12:28 AM

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From the following list, identify the accounts that should be closed to Income Summary at the end

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b Advertising Expense c Cost of Merchandise S...View the full answer

Financial & Managerial Accounting

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