Multiple Select Question

Select all that apply

Identify the statements below that are correct

regarding the closing entries for a merchandiser using

the perpetual inventory system. $($Check all that apply.$)$

The Withdrawals account is closed to In$-$

come Summary.

Merchandise Inventory is closed with the

expense accounts.

Sales Discounts is closed with the ex$-$

pense accounts.

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 ex$-$

pense accounts.

Sales Discounts is closed with the rev$-$

enue accounts.

Cost of goods sold is closed with the rev$-$

enue accounts.