Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply) Cost of goods sold is closed with the revenue accounts. Cost of goods sold is closed with the expense accounts. Sales Discounts is closed with the expense accounts. The Dividends account is closed to Retained Earnings. Merchandise Inventory is closed with the expense accounts. Sales Returns and Allowances is closed with the expense accounts. Sales is closed as a revenue account. Sales Discounts is closed with the revenue accounts. The Dividends account is closed to Income Summary.

Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply) Cost of goods sold is closed with the revenue accounts. Cost of goods sold is closed with the expense accounts. Sales Discounts is closed with the expense accounts. The Dividends account is closed to Retained Earnings. Merchandise Inventory is closed with the expense accounts. Sales Returns and Allowances is closed with the expense accounts. Sales is closed as a revenue account. Sales Discounts is closed with the revenue accounts. The Dividends account is closed to Income Summary.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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