So between merchandise inventory, accumulated depreciation, drawing, and COGS, which one should be closed to the income summary at the end of the fiscal year and why?
After working on your question, I... View the full answer
- You can check this for a reference: http://www.accountingverse.com/accounting-basics/closing-entries.html
- Apr 04, 2018 at 9:47pm
- Thank you ! your explanation was helpful
- Apr 04, 2018 at 9:54pm
- You're welcome.
- Apr 04, 2018 at 9:55pm
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Cost of good sold is reported to income statement, after deducting cost from the revenue. Where... View the full answer