Knowledge Check 01 Which statement is correct regarding the closing process of a merchandiser? Both the Sales Discounts and the Sales Returns and Allowances accounts are credited during the closing process Both the Sales Discounts and the sales Returns and Allowances accounts are not closed Both the Sales Discounts and the Sales Returns and Allowances accounts are closed to net sales during the closing process Both the Sales Discounts and the Sales Returns and Allowances accounts are closed to sales during the closing process