Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) The Dividends account is closed to Retained Earnings Sales Returns and Allowances is closed with the expense accounts. Sales Discounts is closed with the revenue accounts. Merchandise Inventory is closed with the expense accounts. Sales Discounts is closed with the expense accounts. The Dividends account is closed to Income Summary. Cost of goods sold is closed with the revenue accounts. Sales is closed as a revenue account. Cost of goods sold is closed with the expense accounts.

The dividends account is closed to retained earnings

Sales Discount is closed with the revenue accounts.

Cost of goods sold is closed with the expense accounts.

Sales is closed as a revenue account.

Sales returns and allowances is closed with the expense accounts.

Explanation:

The dividends account is closed to retained earnings. Dividends are returns paid to shareholders either annually, semi-annually as a result of their investment in a company. They are revenue accounts hence closed to retained earnings.

Cost of goods sold refers to the opening stock plus purchases , less closing stock. It is an expense hence closed with the expense account.

Sales refers to total inventories sold hence recognised as revenue and closed as a revenue account.

Sales return and allowance are also charged as expenses . Sales return is when goods are returned by the buyers either due to defects hence reduces charged with the expense account.

Sales is closed as a revenue account

Cost of goods in closed with the expense accounts

Sales discounts is closed with the expense accounts

Sales Returns and allowances is closed with the expense account

The dividends account is closed to retained earnings

Explanation:

Answer key

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