Brushing up on some theory ;)

[Akirus]

4. BDA's are made in the General Journal because they do not involve any cash or credit transactions, they simply adjust the ledgers.
5. an advantage of paying rent in advance is that one does not have to worry about remembering to pay for the rent (not sure about this, made it up) 
a disadvantage is that an outlay of cash has been paid before the entire expense has been consumed, which might lead indirectly to cash flow problems. (i am certain about this)
6. Relevance dictates correcting entries, so that the amount is corrected to the relevant figures that will be useful for decision making. 

I would mention liquidity in your 'disadvantage' (which is essentially what you said, it's just better to use the terminology).

Correcting entries are made to match revenues earned in a period with expenses incurred so that profit can be accurately calculated. This financial information will affect the capacity to make informed decisions as to the allocation of scarce resources.

Difference between cash and profit

Under the accrual basis, profit is defined as revenues earned less expenses incurred, whereas cash flow is calculated by cash receipts less cash payments.

If there was a specific scenario, you would go on to mention that not all receipts are revenues/not all expenses are payments (or vice versa, depending on the circumstances), and mention a couple of examples from the given information.

[TyErd]

when closing the revenue and expense account in the general journal, why does COGs go with expenses?

[Aqualim]

Because it is an expense incurred in order to bring stock in a condition and location ready for re-sale

[TyErd]

What accounts are balanced and not closed?

[darcy42]

all assets, liabilities and owners equity accounts, with the exception of drawing which is a negative OE.

[naved_s9994]

What accounts are balanced and not closed?

Balance sheet accounts = Balanced
Profit/Loss accounts (I.e Rev/Exp) = Closed