Here are the accounts listed as having balances in the end-of-year accounting records of Redford Company.

Cost of Goods Sold Accounts Payable Capital Stock Cash Sales Revenue Dividends Retained Earnings (beginning) Inventory

Which debit or credit would appear in the CLOSING entries for the year? Only ONE answer is correct.

DEBIT to Capital Stock

DEBIT to Dividends

CREDIT to Cost of Goods Sold

DEBIT to Accounts Payable

CREDIT to Sales Revenue