Sales Revenues Were $20,000,Sales Returns and Allowances Were $300,Sales Discounts

question 85

Multiple Choice

Sales revenues were $20,000,Sales Returns and allowances were $300,Sales discounts were $700,Cost of goods sold were $12,000,and all other expenses totaled $4,500.The second closing entry would include which of the following line items?

• A) Debit to Income summary of $17,500
• B) Credit to Income summary of $16,500
• C) Debit to Income summary of $4,500
• D) Debit to Income summary of $16,500

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Definitions:

IV Medication

Administration of drugs directly into the veins through an IV line, providing immediate drug delivery into the bloodstream.

Catheter-Tipped Syringe

A syringe designed with a tip suitable for attachment to a catheter for the purpose of injecting or withdrawing fluids.

Needlestick Injury

An injury that occurs when a needle or sharp object accidentally penetrates the skin, potentially exposing an individual to bloodborne pathogens.

Needleless Systems

Medical devices designed to introduce drugs or collect fluids from the body without the use of needles, enhancing safety by reducing needlestick injuries and infections.