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:

Privacy

The state or condition of being free from being observed or disturbed by other people.

Matter-Of-Factly

A manner of speaking or writing that is straightforward and devoid of emotion or opinion.

Sexual Development

The process of physical and emotional changes that occur as a person becomes sexually mature, including puberty and the development of sexual orientation and identity.

Ernest Borneman

A controversial German jazz musician, writer, and sexologist known for his work in sexual behavior research.