A merchandiser had sales returns and allowances of $400,sales discounts of $700,cost of goods sold of $14,000,and all other expenses of $4,400.The merchandiser uses a perpetual inventory system.The second entry in the closing process would include ________.

Question

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Second entry in closing process relates to closing of expense accounts and other temporary accounts with a debit balance.
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A Merchandiser Had Sales Returns and Allowances of $400,sales Discounts