Stackables, Inc. paid 2,000 cash for inventory. The effect of this transaction on the accounting equation is:
A) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
(2,000) cash No effect No effect (2,000) inventory
B) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
(2,000) inventory No effect No effect (2,000) cash
C) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
(2,000) cash (2,000) inventory No effect No effect
D) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
2,000 inventory
(2,000) cash No effect No effect No effect
Question 2
Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
a. Merchandise Inventory
b. Accumulated Depreciation
c. Drawing
d. Cost of Merchandise Sold
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