A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $104,000. During the year, Sales Revenue amounted to $72,000, Cost of Goods Sold was $34,000, and all other expenses totaled $13,000. The company declared and paid $29,000 as dividends. The last step in the closing process would include A. a debit to the Retained Earnings account for $29,000 OB. a credit to Income Summary for $29,000 OC a debit to Income Summary for $25,000 OD. a debit to the Retained Earnings account for $25,000 ELTE

A. a debt to the Retantd Eamngr accourt tor $29.000 B. an ched to incame summery for $2000 D. a onot to the Retaned Eamingt account so $25,000