A merchandiser had sales returns and allowances of $300, sales discounts of $700, cost of goods sold of $14,000, and all other expenses of $4,400. The merchandiser uses a perpetual inventory system. The second entry in the closing process would include ________.

A merchandiser uses a perpetual inventory system. The third step in the process of closing the accounts of a merchandiser is to ________.

Group of answer choices

make the revenue accounts equal to zero via the Income Summary account

make the Income Summary account equal to zero via the Owner, Withdrawals account

make the expense accounts equal to zero via the Income Summary account

make the Income Summary account equal to zero via the Owner, Capital account