The entry to close the Withdrawal account was entered in reversethe Withdrawal account was debited and Capital credited. This error would cause: *** O A. Withdrawals to be overstated. B. the income summary account to have a debit balance. c. net income to be understated. D. net income to be overstated. The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory is: A. net purchases + beginning merchandise inventory. B. the ending inventory. c. the Cost of Goods Sold. D. the beginning inventory How is Income Summary closed if the company had a net loss? .... O A. Debit Capital; credit Revenue OB. Debit Withdrawals; credit Capital OC. Debit Income Summary; credit Capital O D. Credit Income Summary; debit Capital Cost of goods available for sale is equal to beginning inventory + Operating Expense. True False