acct12.ch05DR-template ces Mailings Review View L04, what are the adjusting and closing entries for a merchandiser? a) Name five accounts that a merchandiser might have on the adjusted trial balance that needs to be closed out that a service business does not have on an adjusted trial balance: iv) v) L05, How are merchandiser's financial statements prepared? a) Briefly describe the difference between the single-step and multi-step income statement. LO6. How do we use the gross profit percentage to evaluate basiness performance? a) What is the formula for gross profit percentage? b) Ifnet sales are $100,000 and gross profit is $25,000, what is the gross profit percentage