Author Question: The appropriate journal for recording the adjusting entry for Merchandise Inventory is a. the cash ... (Read 47 times)

DyllonKazuo · **on:** Jul 6, 2018

The appropriate journal for recording the adjusting entry for Merchandise Inventory is
a. the cash payments journal.
b. the purchases journal.
c. the sales journal.
d. the general journal.
e. either the cash payments journal or the purchases journal.

Question 2

Under a perpetual inventory system, a shortage in inventory requires an adjusting entry that
a. debits Cost of Goods Sold and credits Accounts Payable.
b. debits Merchandise Inventory and credits Cost of Goods Sold.
c. debits Cost of Goods Sold and credits Merchandise Inventory.
d. debits Accounts Payable and credits Merchandise Inventory.
e. debits Accounts Payable and credits Cost of Goods Sold.