A Merchandiser Uses a Perpetual Inventory System

Multiple Choice

A merchandiser uses a perpetual inventory system.The beginning Owner,Capital balance of the merchandiser was $99,000.During the year,Sales Revenue amounted to $75,000,Cost of Goods Sold was $32,000,and all other expenses totaled $10,000.Owner withdrawals were $21,000.There were no new capital contributions during the year.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 $21,000
C) a debit to the Owner, Capital account for $33,000
D) a debit to the Owner, Capital account for $21,000