In Preparing Closing Entries for a Merchandising Company, the Income

question 74

Multiple Choice

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

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

---

Definitions:

Human Value

Fundamental beliefs or standards that guide behavior and decision-making, reflecting what is important in life to individuals or societies.

Dyadic Relationships

A concept in social science that focuses on the dynamic between two individuals, often analyzing how they interact and affect each other in various contexts.

LMX Theory

Leader-Member Exchange Theory focuses on the two-way (dyadic) relationship between leaders and followers, suggesting that the quality of these relationships determines organizational outcomes.

Leadership Research

The systematic study and exploration of theories, practices, and outcomes related to leadership.