A merchandiser has sales discounts forfeited of $100,cost of goods sold of $22,000,and other expenses of $1,100.The merchandiser uses a perpetual inventory system.The second entry in the closing process would include ________.
A)a debit to Income Summary for $23,100
B)a credit to Income Summary for $23,200
C)a debit to Income Summary for $23,200
D)a credit to Income Summary for $1,200

Question

Quizplus · Accepted Answer

The debit to Income Summary includes: cost of goods sold of $22,000 and other expenses of $1,100.

A Merchandiser Has Sales Discounts Forfeited of $100,cost of Goods