To Close Temporary Accounts,credit Each Revenue and Gain Account,debit Each

question 57

True/False

To close temporary accounts,credit each revenue and gain account,debit each expense and loss account,and record the difference to Retained Earnings.

---

Definitions:

Accounts Receivable

Funds that customers owe to a company for products or services that have been provided but remain unpaid.

Sales Trend

The analysis of sales data over a period of time to identify patterns, growth, or declines in sales performance.

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including material, labor, and overhead costs.