Which of the following statements is true? (a) Using a periodic method, the cost of sales account

Question:

Which of the following statements is true?

(a) Using a periodic method, the cost of sales account is closed to the profit or loss summary at the end of the accounting period with a credit to the cost of sales account.

(b) Using a perpetual method, the cost of sales account is closed to the profit or loss summary at the end of the accounting period with a credit to the cost of sales account.

(c) Using a periodic method, the cost of sales account is closed to the profit or loss summary at the end of the accounting period with a debit to the cost of sales account.

(d) Using a perpetual method, the cost of sales account is closed to the profit or loss summary at the end of the accounting period with a debit to the cost of sales account.

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