Select all that apply Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual Inventory system (Check all mat apply Merchandise Inventory is closed with the expense accounts The Dividends account is closed to retained Earnings Sales Discounts is closed with the revenue accounts Sales is closed as a revenue account. The Dividends account is closed to Income Summary Cost of goods sold is closed with the expense accounts Cost of goods sold is closed with the revenue accounts Sales Discounts is closed with the expense accounts Sales Returns and Allowance is closed with the expense accounts Need help? Review these concept resources, u Read About the Concept Exercise 3-6 Preparing adjusting entries LO P1, P2, P3, P4 anded d a. Depreciation on the company's wind turbine equipment for the year is $5300 b. The Prepaid Insurance account for the solar panels had a $2,300 debit balance at December 31 before adjusting for the any expired coverage. Analysis of prepaid insurance shows that $750 of unexpired insurance coverage remains at year c. The company received $3.900 cash in advance for sustainability consulting work. As of December 31, one-third of the sun consulting work had been performed d. As of December 31, $1.500 in wages expense for the organic produce workers has been incurred but notyot paid e. As of December 31, the company has earned, but not yet recorded $430 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12 For each of the above separate cases, prepare the required December 31 year-end adjusting entries ces Transaction No 1 General Journal Depreciation expense-Equipment Accumulated depreciation Equipment Debit *5,300 a 5.300 2 D 2 300 Insurance expense Prepaid insurance 0 2300 3 3.900 Une nedevenue Consulting revenue 00 1900 4 1500 Wages experto Wages pays 1500 430 5 interest reci revende 00 30 Type here to search PSC Home 09 e TE 47 * 2 3 4 # A A % 8 9 7 6 un 3 2 4 3 R Y E W E T