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H3Ko H3Ko
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8 years ago
A merchandiser had sales returns and allowances of $300, sales discounts of $800, cost of goods sold of $14,000, and all other expenses of $4,100. The merchandiser uses a perpetual inventory system. The second entry in the closing process would include ________.
A) a debit to Income Summary for $18,100
B) a debit to Income Summary for $19,200
C) a credit to Income Summary for $18,100
D) a debit to Income Summary for $4,100
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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8 years ago
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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