Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) Check all that apply. The Dividends account is closed to Income Summary. Merchandise Inventory is closed with the expense accounts. The Dividends account is closed to Retained earnings. Sales Discounts is closed with the revenue accounts. Cost of goods sold is closed with the revenue accounts. Sales Returns and Allowances is closed with the expense accounts. Cost of goods sold is closed with the expense accounts. Sales Discounts is closed with the expense accounts. Sales is closed as a revenue account.