« previous next »

Author Question: The ending merchandise inventory (using the periodic system) is placed on the books by an adjusting ... (Read 35 times)

tfester

  • Hero Member
  • *****
  • Posts: 534
on: Jul 6, 2018
The ending merchandise inventory (using the periodic system) is placed on the books by an adjusting entry
 a. debiting Merchandise Inventory and crediting Sales.
   b. debiting Income Summary and crediting Merchandise Inventory.
   c. debiting Merchandise Inventory and crediting Income Summary.
   d. debiting Purchases and crediting Merchandise Inventory.
   e. debiting Merchandise Inventory and crediting Purchases.

Question 2

All of the following financial statements must be presented for an Internal Service Fund except for a
 
  a. balance sheet.
  b. statement of revenues, expenses, and changes in fund net assets.
  c. statement of cash flows.
  d. statement of revenues, expenses, and changes in fund net assets: budget and actual.


bulacsom

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jul 6, 2018
Answer to Question 1

c

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Tooth Numbering System Tooth Numbering System
A schematic of the circulatory system illustrating the pulmonary circulation picking up oxygen from A schematic of the circulatory system illustrating the pulmonary circulation picking up oxygen from
Can We Improve the Tsunami Warning System Can We Improve the Tsunami Warning System
A hole in the exhaust system can cause outside air (containing oxygen) to be drawn into the exhaust ... A hole in the exhaust system can cause outside air (containing oxygen) to be drawn into the exhaust ...
Neurotransmitters of the Autonomic Nervous System (1 of 2) Neurotransmitters of the Autonomic Nervous System (1 of 2)
Male Reproductive System - Spermatic cord Male Reproductive System - Spermatic cord
Video: Methods of carbon dioxide transport - carbaminohemoglobin and bicarbonate ions

For a complete list of videos, visit our video library