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QUESTION 20 Which of the following occur when recording and posting the closing entry to close Net Income for the period? (Select all that apply) credit Revenues credit Retained Earnings debit Expenses credit Expenses debit Revenues credit Dividends DO Boris Car Loft, Inc., began operations on January 1. It manufacturen 10,000 automobiles and sold 8.000. In incurred the following cants during the year Factory worker wages $50,000 Chief Financial Officer's salary 500,000 Factory rent 10,000 Factory materials 40,000 Corporate headquarters' rent 200,000 Calculate the total product cost for the year ended December 31