Which account batances are transferred to Retained Earnings during the closing proceshess?

A$.$ Liabilities

B$.$ Assets

C$.$ Revenues and Expenses

D$.$ Accounts Receivable

To prepare for tracking gift cards, what will you need to do first?

A$.$ Create a specific income account for gift cards on your Chart of accounts.

B$.$ Create a specific liability account on your Chart of Accourits.

C$.$ Create a custorn report that will show gift card sates.

D$.$ Create a new item in the products and services tist.

Which statement is true about assigning class and location labels in QuickBooks?

A$.$ You can assign class and location labels on both sales and expense transacti

B$.$ Class and location labels can be assigned to invoices only.

C$.$ You cannot assign both class and location labels to a single transaction.

D$.$ You can assign locations on a line$-$by$-$line basis like you can with classes.