A Merchandiser Has Sales Discounts Forfeited of $600,cost of Goods

question 253

Multiple Choice

A merchandiser has sales discounts forfeited of $600,cost of goods sold of $13,000,and other expenses of $4,100.The merchandiser uses a perpetual inventory system.The second entry in the closing process would include ________.

• A) a debit to Income Summary for $17,100
• B) a credit to Income Summary for $17,700
• C) a debit to Income Summary for $17,700
• D) a debit to Income Summary for $4,700

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Definitions:

Pilus

A thin, hair-like structure on the surface of some bacteria that is involved in adherence to surfaces or in the transfer of genetic material.

Capsule

A small container or covering, often used for medication, or the outer layer of some plant seeds or spores.

Emerging Disease

A disease that has appeared in a population for the first time, or an existing disease that is rapidly increasing in incidence or geographic range.

Lysogenic Pathway

A type of viral lifecycle where the virus integrates its genetic material into the host's genome, replicating alongside it without causing immediate lysis.