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A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $95,000. During the year, Sales Revenue amounted to $75,000,

A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $95,000. During the year, Sales Revenue amounted to $75,000, Cost of Goods Sold was $30,000, and all other expenses totaled $12,000. The company declared and paid $19,000 as dividends. The last step in the closing process would include ________.

A.

a credit to Income Summary for $19,000

B.

a debit to the Retained Earnings account for $33,000

C.

a debit to Income Summary for $33,000

D.

a debit to the Retained Earnings account for $19,000

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