A Merchandiser Uses a Perpetual Inventory System

question 110

Multiple Choice

A merchandiser uses a perpetual inventory system. The third step in the process of closing the accounts of a merchandiser is to:

• A)make the revenue accounts equal to zero via the Income Summary account.
• B)make the Income Summary account equal to zero via the Owner's Name, Withdrawals account.
• C)make the expense accounts equal to zero via the Income Summary account.
• D)make the Income Summary account equal to zero via the Owners' Name, Capital account.

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Definitions:

Homosexual Melancholy

An obsolete psychoanalytic term historically used to describe a sense of sadness or depression believed to be experienced by homosexual individuals, reflecting outdated and discriminatory views.

Homosexual Panic

A dated and controversial term related to an extreme emotional reaction or behavior triggered by same-sex attraction, often used in legal defense.

Epistemology of the Closet

A concept in queer theory that explores how knowledge, truth, and secrecy shape the discourse around sexuality.

Heterosexual Matrix

A concept suggesting that gender identity and sexual orientation are not independent, and that societal norms enforce heterosexuality as natural.