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Sales $195,216,

Dr Sales 195,216
Cr Income Summary 195,216

Sales Discounts $2,296,

Dr Income Summary 2,296
Cr Sales Discounts 2,296

Cost of Goods Sold $106,718,

Dr Income Summary 106,718
Cr Cost of Goods Sold 106,718

Merchandise Inventory $43,237.

Merchandise Inventory is an asset account. As an asset account, it is permanent and not closed out at the end of the accounting period.

Sales $195,216,

Dr Sales 195,216
Cr Income Summary 195,216

Sales Discounts $2,296,

Dr Income Summary 2,296
Cr Sales Discounts 2,296

Cost of Goods Sold $106,718,

Dr Income Summary 106,718
Cr Cost of Goods Sold 106,718

Merchandise Inventory $43,237.

Merchandise Inventory is an asset account. As an asset account, it is permanent and not closed out at the end of the accounting period.

Bleeker Company has the following merchandise account balances: Sales $195,216,...

...Sales Discounts $2,296, Cost o? Bleeker Company has the following merchandise account balances: Sales $195,216, Sales Discounts $2,296, Cost of Goods Sold $106,718, and Merchandise Inventory $43,237. Prepare the entries to record the closing of these items to Income Summary. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)