The Entry to Close Cost of Sales Results in a Debit

question 34

True/False

The entry to close Cost of sales results in a debit to Income summary.

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Definitions:

Price

The amount of money required to purchase a good or service.

Quantity

A specified amount or number of items.

Writing

The physical manifestation of language in the form of symbols or marks on surfaces like paper, used to communicate thoughts and ideas.

Benefit

An advantage or profit gained from something, often used in legal terms to describe gains in contracts or employment.