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

question 100

Multiple Choice

A merchandiser had sales returns and allowances of $300, sales discounts of $700, cost of goods sold of $12,000, and all other expenses of $4,500. The merchandiser uses a perpetual inventory system. The second entry in the closing process would include:

• A)a debit to Income summary for $17,500.
• B)a credit to Income summary for $16,500.
• C)a debit to Income summary for $4,500.
• D)a debit to Income summary for $16,500.

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Definitions:

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