A Merchandiser Reports Sales Revenue of $24,000 and Sales Discounts

question 277

Multiple Choice

A merchandiser reports sales revenue of $24,000 and sales discounts forfeited of $1,440.The merchandiser uses a perpetual inventory system.The first entry in the closing process would include ________.

• A) a credit to Income Summary for $25,440
• B) a credit to Income Summary for $24,000
• C) a debit to Income Summary for $25,440
• D) a debit to Income Summary for $24,000

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Definitions:

Busy

Engaged in action or occupied with activities, often implying a lack of spare time.

Fixed Interval

A schedule of reinforcement where rewards are given after a specific, fixed amount of time has passed.

Constant Amount

A fixed value that does not change over time or in different situations, often used in mathematical or financial contexts.

Desired Behaviors

Desired behaviors are specific actions or reactions that an individual or organization aims to encourage or cultivate, often to achieve a particular goal or standard.