a. Sales Discounts, Sales Returns and Allowances and Cost of Goods sold should a

Question

a. Sales Discounts, Sales Returns and Allowances and Cost of Goods sold should all be credited during closing
b. Sales Discounts and Sales Returns and Allowances should be credited; Cost of Goods Sold should be debited during closing
c. Sales Discounts and Sales Returns and Allowances should be debited; Cost of Goods Sold should be credited during closing
d. Sales Discounts and Sales Returns and Allowances are not closed. Cost of Goods Sold should be credited
e. Sales Discounts, Sales Returns and Allowances and Cost of Goods sold should all be debited during closing

Explanation / Answer

Sales Discounts, Sales Returns and Allowances and Cost of Goods sold should all be credited during closing

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