[Natalia44]

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

[pready]

1) Debit COGS or Shrinkage Account, Credit Inventory

2) Debit the Revenue Account, Credit Income Summary Account

3) Debit Income Summary Account, Credit COGS