In Preparing Closing Entries for a Merchandising Company the Income

question 17

Multiple Choice

In preparing closing entries for a merchandising company the Income Summary account will be credited for the balance of

• A) sales revenue.
• B) inventory.
• C) sales discounts.
• D) freight-out.

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Definitions:

Arrector Pili

Small muscles attached to hair follicles that, when contracted, cause hair to stand on end - a phenomenon often associated with cold or fright, known as "goosebumps."

Dermal Root Sheath

The part of the hair follicle that provides a protective layer and is involved in hair growth, derived from the dermis.

Papillary Layer

The uppermost layer of the dermis, directly underneath the epidermis, rich in blood vessels and sensory neurons.

Melanosomes

Organelles within cells responsible for synthesis, storage, and transport of melanin, the pigment that gives color to skin, hair, and eyes.