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

question 29

Multiple Choice

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

• A)purchase Returns and Allowances and Purchase Discount 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:

Open Source Programs

Software with source code that anyone can inspect, modify, and enhance.

Malicious Code

This refers to software or script designed to harm or exploit any programmable device, network, or system.

Programmers

Individuals who write, test, debug, and maintain the source code of computer programs, using various programming languages.

Computer Hardware

The physical components of a computer system, including the CPU, memory, storage devices, and peripheral devices.