20 -Which of the following should be done to close the sales discount account ? a)It is closed by transferring to the operating expenses group. B)It is closed by transferring to Marketing, Sales and Distribution Expenses. NS)It is closed in the period-end closing posting. D)It is closed by transferring to the debit of the Period Profit or Loss Account. TO)It is closed with the help of mirroring accounts.

Sales discount is the amount of reduction or allowance which is being provided to customers either…

Answered: 20 - Which of the following should be…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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20 -

Which of the following should be done to close the sales discount account ?

a)	It is closed by transferring to the operating expenses group.

B)	It is closed by transferring to Marketing, Sales and Distribution Expenses.

NS)	It is closed in the period-end closing posting.

D)	It is closed by transferring to the debit of the Period Profit or Loss Account.

TO)	It is closed with the help of mirroring accounts.

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