When closing income statement accounts having credit balances, which of the following accounts will also be closed? Sales Returns and Allowances Accounts Receivable Purchases Discount O Unearned Revenue When closing income statement accounts having debit balances, which of the following accounts will also be closed? Purchases Returns and Allowances Revenue Sales Returns and Allowances Merchandise Inventory A company uses the perpetual inventory system and recorded the following entry: Accounts Payable Merchandise Inventory Cash This entry reflects a: 2,500 50 2,450 O Payment of the account payable less a 2% cash discount taken. Purchase of merchandise on credit. Sale of merchandise on credit. Payment of the account payable less a 1% cash discount taken. Return of merchandise. Administrative Expenses include: Advertising Expense. Sales - Salaries Expense. Accounting - Staff Salaries Expenses. Delivery Expense