ultiple 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. More than one answer may be correct. Multiple select question. Sales is closed as a revenue account. Sales Discounts is closed with the expense accounts. Sales Returns and Allowances is closed with the expense accounts. Cost of goods sold is closed with the expense accounts. The Dividends account is closed to Retained Earnings. Sales Discounts is closed with the revenue accounts. The Dividends account is closed to Income Summary. Cost of goods sold is closed with the revenue accounts. Merchandise Inventory is closed with the expense accounts