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1 0 Pu Vaul. C. Referred to as paid-in capital. D. Always below its stated value. E. Referred to as retained earnings. 67. Which of the following accounts would be closed at the end of the accounting period A. Cost of Goods Sold. B. Sales C. Sales Discounts. D. Operating Expenses. E. Sales Returns and Allowances. 58. Closing the temporary accounts at the end of each accounting period does all of the A. Has no effect on the retained earnings account. B. Causes retained earnings to reflect increases from revenues and decreases i dividends. C. Serves to transfer the effects of these accounts to the retained earnings acc sheet. D. Brings the revenue and expense accounts to zero balances. E. Prepares the dividends account for use in the next period. The record of all accounts and their balances used by a business is called a: A. General Journal. B. Chart of accounts. C. Balance column journal. D. Journal. E. Ledger (or General Ledger). Le rule that (1) requires revenue to be recognized when goods or services ar 1 (2) at the amount expected to be received from the customer is called the A. Objectivity principle. B. Measurement (Cost) principle. C. Business entity assumption. . Revenue recognition principle. E. Going-concern assumption. mpany factored $45,000 of its accounts receivable and was charged a to record this transaction would include a: Dehit to Cash of $46 800 and edit to counto

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