Regarding the Four-Step Closing Process Under the Periodic Inventory System,________

question 86

Multiple Choice

Regarding the four-step closing process under the periodic inventory system,________.

• A) Purchase Returns and Allowances and Purchase Discounts accounts are closed with a credit via the Income Summary account
• B) Sales Revenue is closed with a credit via the Income Summary account
• C) the beginning Merchandise Inventory, Purchases, and Freight In are closed with a debit via the Income Summary account
• D) the ending merchandise inventory balance must be recorded as a debit via the Income Summary account

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Definitions:

Stress Inoculation Training

A cognitive-behavioral therapy technique designed to help individuals build resilience and cope more effectively with future stressors.

Incapacitating Anxiety

Severe anxiety that significantly interferes with daily activities and functioning.

Anxiety-Producing Situations

Circumstances or environments that evoke feelings of anxiety, stress, or nervousness in individuals.

Aversive Conditioning

A method of behavior conditioning that involves using negative stimuli to discourage a behavior.