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. In the dropdowns select "Yes" if an account should be closed, and "No" if it should not be closed. Account Yes or No 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