A Merchandiser Had Sales Returns and Allowances of $300,sales Discounts

question 149

Multiple Choice

A merchandiser had sales returns and allowances of $300,sales discounts of $700,cost of goods sold of $14,000,and all other expenses of $4,400.The merchandiser uses a perpetual inventory system.The second entry in the closing process would include ________.

• A)a debit to Income Summary for $19,400
• B)a credit to Income Summary for $18,400
• C)a debit to Income Summary for $4,400
• D)a debit to Income Summary for $18,400

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Definitions:

Beneficence

The ethical principle of doing good, demonstrating kindness, and helping others.

Nonmaleficence

A fundamental principle in ethics, especially in healthcare, focusing on not causing harm to others.

Autonomy

The capacity to make an informed, uncoerced decision independently.

Ethical Agency

The capability to act based on moral principles and to make decisions that reflect ethical considerations.