When Using Periodic Inventory,the Closing Process Begins with Closing Out

question 40

True/False

When using periodic inventory,the closing process begins with closing out the Beginning inventory to Cost of sales.The second step is to set up the Ending inventory by debiting Cost of sales and crediting Inventory.

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Definitions:

Herbivores

Organisms that feed primarily on plants, including fruits, leaves, stems, and roots, playing a crucial role in ecosystems by transferring energy from plants to higher trophic levels.

Sunlit Layer

The topmost layer of ocean or body of water that receives sunlight, allowing photosynthesis in aquatic ecosystems.

Lake

A sizable inland body of water, usually freshwater, surrounded by land.

Littoral Zone

The area of a sea, lake, or river that is close to the shore and shallow enough for sunlight to penetrate, allowing plant growth.