The balance of the account is transferred to the Profit and Loss account as a part of the process of closing the books. Course of Study Monographs... - Page 85 by Denver Public Schools - 1924 Full view - About this book
...during the fiscal period are the same and there is no inventory at the end of the period. In this case, the balance of the account is transferred to the Profit and Loss account at the end of the period. Illustration of Use of Merchandise and Expense Accounts The operation of...
The balance of the account is transferred to the Profit and Loss account as a part of the process of closing the books. 