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State whether the following accounts are: A. closed with a debit B. closed with a credit C. not closed cost of goods sold sales returns and allowances 1. 2. 3. salary expense inventory depreciation expense accumulated depreciation 4. 5. 6. 7. accounts receivable 8. sales discounts 9. interest expense 10. sales revenue

State whether the following accounts are: A. closed with a debit B. closed with a credit C. not closed cost of goods sold sales returns and allowances 1. 2. 3. salary expense inventory depreciation expense accumulated depreciation 4. 5. 6. 7. accounts receivable 8. sales discounts 9. interest expense 10. sales revenue

FINANCIAL ACCOUNTING
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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State whether the following accounts are: A. closed with a debit B. closed with a credit C. not closed cost of goods sold sales returns and allowances 1. 2. salary expense inventory depreciation expense accumulated depreciation accounts receivable 3. 4. 5. 6. 7. 8. sales discounts 9. interest expense 10. sales revenue
Transcribed Image Text:State whether the following accounts are: A. closed with a debit B. closed with a credit C. not closed cost of goods sold sales returns and allowances 1. 2. salary expense inventory depreciation expense accumulated depreciation accounts receivable 3. 4. 5. 6. 7. 8. sales discounts 9. interest expense 10. sales revenue
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