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
A) a debit to Income Summary for $23,100
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_____________ is the type of accounting used by external parties
Fill in the blank(s) with correct word
Suppose, the U.S. has domestic savings of $10 billion, domestic investment of $160 billion, and a government budget deficit of $250 billion. Based on these figures, the amount of net foreign investment is $____ billion.
A. 400 B. 80 C. ?80 D. ?400
Which of the following is a relationship role?
a. gatekeeper b. developer c. coordinator d. initiator
______ is the process of changing the company structure to get rid of some of the vertical hierarchy (reporting levels) in an organization.
A. Delayering B. Layering C. Banding D. Broadbanding