Closing the accounts of a merchandiser OBJ. 4 From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system:

(a) Accounts Payable,

(b) Advertising Expense,

(c) Cost of Merchandise Sold,

(d) Dividends,

(e) Merchandise Inventory,

(f) Sales, (g) Supplies, (h) Supplies Expense, (i) Wages Payable.