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:

Self-Esteem

The subjective evaluation or perception of one's own worth or value as a person.

Altruistic Punishment

The act of punishing violators of social norms at personal cost, with the intention of promoting group cooperation.

Self-Sacrifice

The act of giving up one's own interests, desires, or well-being for the benefit of others or for a cause.

Free Riders

Individuals who benefit from resources, goods, or services without paying for them or contributing to their provision.