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Which accounts would not be closed by a merchandising

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Reference no: EM132817985

Problem 1: The closing entries for a merchandising entity using the perpetual inventory system

a. are fewer in number than if the periodic system were used.

b. are the same regardless of inventory system used.

c. calculate the gross profit in the Income Summary account.

d. do not affect the Merchandise Inventory account.

Problem 2: Which of the following accounts would not be closed by a merchandising entity that uses the perpetual inventory system?

a. Cost of Goods Sold

b. Income Summary

c. Merchandise Inventory

d. Sales Returns and Allowances

Reference no: EM132817985

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