Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system.

Multiple select question.

Sales Returns and Allowances is closed with the expense accounts.

Sales is closed as a revenue account.

The Withdrawals account is closed to Owner, Capital.

Cost of goods sold is closed with the revenue accounts.

Sales Discounts is closed with the revenue accounts.

Sales Discounts is closed with the expense accounts.

Cost of goods sold is closed with the expense accounts.

The Withdrawals account is closed to Income Summary.

Merchandise Inventory is closed with the expense accounts.