Question

Klondike inc. sold goods to customers for $5,000 cash. the cost of the goods was $3,000. the journal entries to record this transaction include:________

Answer 1

Answer:

credit to sales $5,000.

Which accounts are closed to retained earnings at the end of an accounting period?

• Temporary accounts include revenue, expenses, and dividends, and these accounts must be closed at the end of the accounting year.

• Income statements include revenue, costs of goods sold, and operating expenses, along with the resulting net income or loss for that period.

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