Regarding the four-step closing process under the periodic inventory system,________.
A)purchase Returns and Allowances and Purchase Discount accounts are closed with a credit via the Income Summary account
B)Sales Revenue is closed with a credit via the Income Summary account
C)the beginning Merchandise Inventory,Purchases,and Freight In are closed with a debit via the Income Summary account
D)the ending merchandise inventory balance must be recorded as a debit via the Income Summary account

Question

Quizplus · Accepted Answer

The ending merchandise inventory balance is recorded as a debit via the Income Summary account to adjust the inventory account to reflect the ending inventory value.

Regarding the Four-Step Closing Process Under the Periodic Inventory System,________