The Cost of Goods Sold Account Is Closed By

question 71

Multiple Choice

The Cost of Goods Sold account is closed by:

• A)Debiting Cost of Goods Sold and crediting Income Summary.
• B)Debiting Cost of Goods Sold and crediting Retained Earnings.
• C)Debiting Income Summary and crediting Cost of Goods Sold.
• D)Debiting Retained Earnings and crediting Cost of Goods Sold.

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Definitions:

Family

A group of individuals related by blood, marriage, or adoption who often live together and support one another emotionally and financially.

Car Salesperson

An individual who specializes in selling automobiles, offering advice, and facilitating vehicle transactions.

Real Objections

Real objections are genuine concerns or issues raised by a customer or client that can impact their decision to make a purchase or engage in a service.

Purchase

The act of buying goods, services, or property for money or its equivalent.