Use the following account numbers and corresponding account titles to answer the following question. Account No. Account Title (1) Cash (2) Merchandise inventory (3) Cost of goods sold (4) Transportation-out (5) Dividends (6) Common stock (7) Selling expense (8) Loss on the sale of land (9) Sales Which accounts would affect operating income? Multiple Choice Account numbers 2, 4, and 9. Account numbers 3, 5, 7, and 9. Account numbers 3, 4, 7, and 9. Account numbers 3, 4, 7, 8 and 9.

Account numbers 3, 4, 7, 8 and 9.

Explanation:

We know,

Operating income = Sales - expenses

Therefore,

Account numbers 3 = Cost of goods sold (It is a direct expense)

Account numbers 4 = Transportation-out (It is an indirect expense)

Account numbers 7 = Selling expense (it is an expense that decreases the net income)

Account numbers 8 = Loss on the sale of land (it is also an expense that decreases the net income)

Account numbers 9 = Sales (The primary item that increases the net income)

Hence, Account numbers 3, 4, 7, 8 and 9 are the answer.

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