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 (select all that apply.)

Answer 1

Answer: credit to sales $5,000.

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

Explanation: 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.