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explain, please how? *5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $103,000. During the year, Sales
explain, please how? *5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $103,000. During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $2,000, Sales Discounts were $2,100, Cost of Goods Sold was $37,000, and all other expenses totaled $10,000. The company paid $19,000 in withdrawals to the owner. The last step in the closing process would include A. a debit to Income Summary for $51,100 a debit to the Owner, Capital account for $19,000 a credit to Income Summary for $73,000 D. a debit to the Owner, Capital account for $14,900 "5.4-16 A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $95,000. During the year, Sales Revenue amounted to $80,000, Sales Returns and Allowances were $1,300, Sales Discounts were $2,700, Cost of Goods Sold was $40,000, and all other expenses totaled $13,000. The company paid $24,000 in withdrawals to the owner. The last step in the closing process would include OA a debit to Income Summary for $57,000 O B. a debit to the Owner, Capital account for $20,000 c a credit to Income Summary for $80,000 D. a debit to the Owner, Capital account for $24,000
explain, please how?
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