A merchandiser uses a perpetual inventory system.The beginning Retained Earnings balance of the merchandiser was $95,000.During the year,Sales Revenue amounted to $75,000,Cost of Goods Sold was $30,000,and all other expenses totaled $12,000.The company declared and paid $19,000 as dividends.The last step in the closing process would include ________.
A)a debit to Income Summary for $33,000
B)a credit to Income Summary for $19,000
C)a debit to the Retained Earnings account for $33,000
D)a debit to the Retained Earnings account for $19,000

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The Answer of A merchandiser uses a perpetual inventory system.The beginning Retained Earnings balance of the merchandiser was $95,000.During the year,Sales Revenue amounted to $75,000,Cost of Goods Sold was $30,000,and all other expenses totaled $12,000.The company declared and paid $19,000 as dividends.The last step in the closing process would include ________.
A)a debit to Income Summary for $33,000
B)a credit to Income Summary for $19,000
C)a debit to the Retained Earnings account for $33,000
D)a debit to the Retained Earnings account for $19,000

A Merchandiser Uses a Perpetual Inventory System