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:

Motor Vehicles

Wheeled vehicles that are motorized or engine-powered, used for transporting people or goods over land.

Firearms

Weapons capable of firing a projectile using an explosive charge as a propellant.

Drug Overdoses

The ingestion or application of a drug in quantities greater than are recommended or generally practiced, often leading to severe adverse effects.

Androgen

A type of hormone that plays a role in male traits and reproductive activity; testosterone is the most well-known androgen.