Aclosing process under the periodic inventory system, a. sales revenue is closed with a credit via the income summary account b. the beginning merchandise inventory, purchases, and freight in are closed with a debit via the income summary account c. purchase returns and allowances and purchase discounts accounts are closed with a credit via the income summary account d. the ending merchandise inventory balance must be recorded as a debit via the income summary account

The correct answer is D. the ending merchandise inventory balance must be recorded as a debit via the Income Summary account.

Explanation:

In the periodic inventory, purchases of merchandise or raw material are not accounted for in the asset (Inventories), but are accounted for in the purchases account. At the end of the period, with the value accumulated there, the inventory set is made to determine the cost of sale.

When the inventory set is made, the physical count is made and the final inventory is determined, this final inventory is accounted for in the asset account (Inventories).

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