Chapter 5 Accounting for Retail Businesses 281 Obj. 4 EX 5-30 Closing the accounts of a retail business 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