A merchandiser has sales discounts forfeited of $600,cost of goods sold of $13,000,and 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 $17,100
B) a credit to Income Summary for $17,700
C) a debit to Income Summary for $17,700
D) a debit to Income Summary for $4,700

Question

Quizplus · Accepted Answer

A) The debit to Income Summary includes: cost of goods sold of $13,000 and other expenses of $4,100.

A Merchandiser Has Sales Discounts Forfeited of $600,cost of Goods