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A merchandiser reports sales revenue of $ 29 comma 000 $29,000 and sales discounts forfeited of $ 1 comma 740 $1,740. The merchandiser uses a
A merchandiser reports sales revenue of $ 29 comma 000 $29,000 and sales discounts forfeited of $ 1 comma 740 $1,740. The merchandiser uses a perpetual inventory system. The first entry in the closing process would include? _____. A. a credit to Income Summary for $ 29 comma 000 $29,000 B. a credit to Income Summary for $ 30 comma 740 $30,740 C. a debit to Income Summary for $ 29 comma 000 $29,000 D. a debit to Income Summary for $ 30 comma 740 $30,740
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