A Merchandiser Uses a Perpetual Inventory System

question 275

Multiple Choice

A merchandiser uses a perpetual inventory system.The beginning Owner,Capital balance of the merchandiser was $99,000.During the year,Sales Revenue amounted to $75,000,Cost of Goods Sold was $32,000,and all other expenses totaled $10,000.Owner withdrawals were $21,000.There were no new capital contributions during the year.The last step in the closing process would include ________.

• A) a debit to Income Summary for $33,000
• B) a credit to Income Summary for $21,000
• C) a debit to the Owner, Capital account for $33,000
• D) a debit to the Owner, Capital account for $21,000

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Definitions:

Phallic Stage

The third stage in Freud's theory of psychosexual development, occurring around age 3 to 6, where the focus of the libido is on the genital area.

Gender Identity

A person's internal sense of their own gender, whether it be male, female, a blend of both, or neither, and how they perceive themselves and what they call themselves.

Superego

In psychoanalytic theory, the part of the personality that acts as a critical and moralizing force, guiding behavior to conform with societal standards.

Freud

An Austrian neurologist named Sigmund Freud created psychoanalysis, a therapy approach for mental illnesses that involves discussions between a patient and a psychoanalyst.