Respuesta :
Answer:
debit cost income is $23000
Explanation:
given data
discounts = $100
sold = $22,000
expenses = $1,100
to find out
The second entry in the closing process
solution
we know that sale discount is $100 and other expensive is $1100
so total debit cost income is in 2nd entry would be here $100 +$1100 + good sold
so we say in 2nd entry
debit cost income = $1200 + $22000
debit cost income is $23000
Here is the full question
A merchandiser has sales discounts forfeited of? $100, cost of goods sold of? $22,000, and other expenses of? $1,100. The merchandiser uses a perpetural inventory system. The second entry in the closing process would include? __________.
A. a credit to Income Summary for? $1,200
B. a credit to Income Summary for? $23,200
C. a debit to Income Summary for? $23,200
D. a debit to Income Summary for? $23,100
Answer:
D. a debit to Income Summary for? $23,100
Explanation:
Given data includes:
A merchandiser has-
sales discounts forfeited of -----> $ 100
cost of goods sold of ------->$22,000
other expenses of -------->$ 1,100
The second entry in the closing process would include :a debit to Income Summary for? $23,100 because the sales discount has been forfeited.
The third step is would include: making the income summary account to be equal to zero.
