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Home Q & A Board Other Fields Homework Help Business Accounting
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harra harra
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6 years ago
State whether the following accounts are:

a)  closed with a debit
b)  closed with a credit
c)  not closed

1 )   cost of goods sold   ________
2 )   sales returns and allowances   ________
3 )   salary expense   ________
4 )   inventory (assume perpetual inventory system)   ________
5 )   amortization expense   ________
6 )   accumulated amortization   ________
7 )   accounts receivable   ________
8 )   sales discounts   ________
9 )   interest expense   ________
10 )   sales revenue   ________
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
Authors:
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raovatallpyraovatallpy
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6 years ago
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harra Author
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#2
6 years ago
Very timely, excellent answer
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