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Home Q & A Board Other Fields Homework Help Business Accounting
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SethHuddleston SethHuddleston
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6 years ago
The sales revenue of a merchandiser amounted to $22,000, sales returns and allowances amounted to $2,500, and sales discounts amounted to $800. The merchandiser uses a perpetual inventory system. The first entry in the closing process would include ________.
A) a credit to Income Summary for $22,000
B) a credit to Income Summary for $19,500
C) a debit to Income Summary for $2,500
D) a debit to Income Summary for $21,200
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
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husnehusne
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