Competitive distribution structures cannot differ in the same market

The sales revenue of a merchandiser amounted to $25,000, sales returns and allowances amounted to $2,400, and sales discounts amounted to $600. The merchandiser uses a perpetual inventory system

The first entry in the closing process would include ________. A) a credit to Income Summary for $25,000 B) a credit to Income Summary for $22,600 C) a debit to Income Summary for $2,400 D) a debit to Income Summary for $24,400

The new standard, Revenue from Contracts with Customers, adopts an expense liability approach as the basis for revenue recognition.

a. true b. false