The entry to close the Cost of Goods Sold account will include which of the following?
A) Debit to Cost of Goods Sold
B) Credit to Income Summary
C) Debit to Income Summary
D) Debit to Capital
Correct Answer:
Verified
Q76: The first step in the closing process
Q94: The entry to close the expense account(s)
Q95: The capital account in the ledger agrees
Q96: Which of the following transactions could cause
Q98: The entry to close the Income Summary
Q100: Adjusting journal entries still need to be
Q100: The post-closing trial balance contains:
A) assets and
Q102: The post-closing trial balance would not include
Q104: After the closing process, the temporary accounts
Q123: Reversing entries are done when assets or
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