A Merchandiser Had Sales Returns and Allowances of $300,sales Discounts

question 149

Multiple Choice

A merchandiser had sales returns and allowances of $300,sales discounts of $700,cost of goods sold of $14,000,and all other expenses of $4,400.The merchandiser uses a perpetual inventory system.The second entry in the closing process would include ________.

• A)a debit to Income Summary for $19,400
• B)a credit to Income Summary for $18,400
• C)a debit to Income Summary for $4,400
• D)a debit to Income Summary for $18,400

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Definitions:

Parietal Pleura

The outer membrane that lines the inner wall of the thoracic cavity and covers the upper surface of the diaphragm.

Frontal Plane

An anatomical division of the body into front and back halves that allows for the analysis of movement and posture.

Medial

Pertaining to or located towards the midline of the body or an organ.

Anatomical Position

A standard posture in which an individual stands upright with arms at the sides and palms facing forward, used as a reference in describing the relation of body parts to one another.