False 18. Which of the following accounts is not closed during the closing process? (1 Point) Owner's Capital Income Summary Commissions Revenues Owner's Withdrawals. 19. Under the periodic inventory system, the Purchases account is used to accum all purchases of merchandise for sale.

False 18. Which of the following accounts is not closed during the closing process? (1 Point) Owner's Capital Income Summary Commissions Revenues Owner's Withdrawals. 19. Under the periodic inventory system, the Purchases account is used to accum all purchases of merchandise for sale.

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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Question

False
18. Which of the following accounts is not closed during the closing process? I
(1Point)
O: Owner's Capital
Income Summary
Commissions Revenues
Owner's Withdrawals.
19. Under the periodic inventory system, the Purchases account is used to accumu
all purchases of merchandise for sale.
Poin

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