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H3Ko H3Ko
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8 years ago
The sales revenue of a merchandiser amounted to $25,000, sales returns and allowances amounted to $2,400, and sales discounts amounted to $600. The merchandiser uses a perpetual inventory system. The first entry in the closing process would include ________.
A) a credit to Income Summary for $22,600
B) a debit to Income Summary for $24,400
C) a credit to Income Summary for $25,000
D) a debit to Income Summary for $2,400
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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8 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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