Sales revenue of a merchandiser amounted to $20,000, sales returns and allowances amounted to $2,500,...
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Accounting
Sales revenue of a merchandiser amounted to $20,000, sales returns and allowances amounted to $2,500, and sales discounts of $700. The merchandiser uses a perpetual inventory system. The first entry in the closing process would include:
A.a debit to Income Summary for $2,500.
B.a debit to Income Summary for $19,300.
C.a credit to Income Summary for $17,500.
D.a credit to Income Summary for $20,000.
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