Closing the Accounts of a Merchandiser From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system. In the dropdowns select "Yes" if an account should be closed, and "No" if it should not be closed. a. Accounts Payable b. Advertising Expense c. Cost of Merchandise Sold d. Dividends e. Merchandise Inventory f. Sales g. Sales Discounts h. Sales Returns and Allowances i. Supplies j. Supplies Expense k. Wages Payable