Select all that apply

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

Sales is closed as a revenue account.

Merchandise Inventory is closed with the expense accounts.

Cost of goods sold is closed with the revenue accounts.

Sales Discounts is closed with the expense accounts.

Sales Returns and Allowances is closed with the expense accounts.

Sales Discounts is closed with the revenue accounts.

Cost of goods sold is closed with the expense accounts.

The Dividends account is closed to Income Summary.

The Dividends account is closed to Retained Earnings