A Merchandiser Uses a Perpetual Inventory System

question 272

Multiple Choice

A merchandiser uses a perpetual inventory system.The third step in the process of closing the accounts of a merchandiser is to ________.

• A) make the revenue accounts equal to zero via the Income Summary account
• B) make the Income Summary account equal to zero via the Owner, Withdrawals account
• C) make the expense accounts equal to zero via the Income Summary account
• D) make the Income Summary account equal to zero via the Owner, Capital account

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Definitions:

Rhesus Monkeys

A species of monkey commonly used in biological and medical research, known for their similarities to humans in social behavior and physiology.

Socially Withdrawn

A behavior pattern characterized by a marked reduction in social interaction and reluctance to engage with others.

Responsive Smiling

A smile that occurs in response to an external stimulus, showing early social engagement.

Three-month-old

describes an infant who has reached the age of three months, a period marked by significant developmental milestones, including beginning to lift the head and recognizing faces.