Closing the accounts of a retail business Obj. 4 From the following list, identify the accounts that should be closed at the end of the fiscal year under a perpetual inventory system:

(a) Accounts Payable,

(b) Advertising Expense,

(c) Cost of Goods Sold,

(d) Office Equipment,

(e) Inventory,

(f) Sales, (g) Supplies, (h) Supplies Expense, (i) Wages Payable.

AppendixLO1