A Merchandiser Uses a Perpetual Inventory System

question 231

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 Dividends 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 Retained Earnings account

---

Definitions:

Grant Wood

An American painter best known for his paintings depicting the rural American Midwest, particularly the painting "American Gothic."

Lancet Window

A tall, narrow window with a pointed arch at the top, commonly found in Gothic architecture.

Mexican Mural

A form of mural painting associated with the Mexican Muralism movement, often conveying social and political messages.

Marxism

A socio-economic and political theory developed by Karl Marx, emphasizing the struggle between classes, the role of labor, and the eventual leading to a classless society.