The physical inventory at year-end disclosed a normal amount of inventory shrinkage
My ans: debit AR and credit Cash is this the correct entry

Make an entry to close the revenue account
My ans: debit inventory and credit revenue is this the correct entry

Made an entry at year-end to close the Cost of Goods Sold account
My ans: debit inventory credit Cost of goods sold is this the correct entry

1) Debit COGS or Shrinkage Account, Credit Inventory

2) Debit the Revenue Account, Credit Income Summary Account

3) Debit Income Summary Account, Credit COGS