13. An important purpose of closing entries is to a. help achieve the goals of the matching principle. b. update the nominal accounts at year end. c. set permanent account balances to zero to begin the next period. d. transfer net income or net loss to the Retained Earnings account. If it takes Gledhill Compan payment terms are 30 days, the financing period is a. 45 days. b. 38 days. c. 98 days. d. 23 days. 14. y 45 days to sell inventory, 23 days to collect from the sale, and creditors' 15. Under the perpetual inventory system, in addition to making the entry to record a sale, a company would record an increase in inventory corresponding to the amount of the sale. make no additional entry until the end of the period. record a decrease in inventory and an increase in cost of goods sold for the cost of the merchandise sold. record an increase in inventory corresponding to the cost of the inventory. a. b. c. d