Which general ledger account will be debited with the cost of sales account balance at the end of a period, to close off the cost of sales account?Group of answer choicesA. The trading accountB. The sales accountC. The profit or loss accountD. The finished goods account

When closing the general ledger to determine profit for the reporting period, the following recording must take place.Group of answer choicesAll asset accounts are debited, and liability accounts are credited. Asset accounts are credited in retained earnings and liability accounts are debited in retained earnings.All asset accounts are credited, and liability accounts are debited. Asset accounts are debited in retained earnings and liability accounts are credited in retained earnings.All revenue accounts are debited, and expense accounts are credited. Revenue accounts are credited in retained earnings and expense accounts are debited in retained earnings.All revenue accounts are credited, and expense accounts are debited. Revenue accounts are debited in retained earnings and expense accounts are credited in retained earnings.

Which of the following is the closing balance of a ledger account? A. Balance c/d B. Balance b/d C. Balance e/d D. Balance f/c

When closing the general ledger to determine profit for the reporting period, the following recording must take place.

It is the list of accounts with their balances after the closing entries are recorded and posted in the ledger.Select one:a.Nominal accounts or temporary accountsb.Post- closing Trial Balancec.Balance Sheet or Statement of Financial Positiond.Revenue and Expense summary or Income Summary or Profit and Loss Summary

Which of the following accounts will be closed by crediting retained earnings?Group of answer choicesService revenueAccumulated depreciationDepreciation expenseAccounts payable