6. Closing Entries Answer the questions below. jeff Bouton Cancel Joumal Page Date 2003 Particulars P.R. Deli Credit 2 Closing Entries 3 Mar 31 Sales Revenue 28 930 00 Income Summary 310 2895000 61 31 Income Summary 310 30 636 65 Sales Returns 412 1 380 00 7 Sales Discounts 557 18 8 Cost of Goods Sold 2 182 00 9 Advertising Bpense 1068 20 10 Bad Debt Expense 540.26 11 Car Expense 14760 12 Dep Expense- Fumiture 615 16812 13 Dep Expense- Equipment 616 969 84 14 Dep Expense- Truck 671 125 49 15 Freight-out 63 680 00 16 Insurance Expense 620 1 108 32 17 Internet Bipense 635 693 00 18 Inventory Shortage 640 94000 19 Loss on Sale of Assets 65 312350 19 Maintenance Expense 650 14 640 20 Miscellaneous Bpense 655 16140 21 Rent Expense 670 35831 22 Supplies Expense 675 120 00 23 Uulives Expense 6:0 175000 24 1251 31 1. Poulton, Capital 26 Income Summary 310 1 686 63 27 28 31 /. Boulton, Capital TOE 2,760 00 29 I. Boulton, Drawings 305 2760 00 30 i Are these the closing entries of a Periodic or Perpetual merchandise business? Explain. These closing entries are part of a Perpetual merchandise business. I know this because the accounts cost of goods sold and inventory shortage are listed. These accounts are not part of a Periodic merchandise business