Indicate which of the following accounts are closed by making debit (DR) entries, which are closed by making credit (CR) entries, and which are not closed (NC) out in the period ending process (enter DR, CR, or NC into the appropriate blank spaces):

1. revenue

2. returns, discounts, allowances

3. cost of goods

4. accounts receviable

5. accumulated depreciation

6. freight out expense

7. accounts payable

8. net income (if positive)