If the perpetual inventory system is used, the merchandise inventory account is debited for ...

Author Question: If the perpetual inventory system is used, the merchandise inventory account is debited for ... (Read 104 times)

pane00

Hero Member
Posts: 579

on: Jul 5, 2018

If the perpetual inventory system is used, the merchandise inventory account is debited for purchases ofmerchandise.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Refer to the financial statement above. The Common stock balance (B above) equals ________.

A) 10,000
B) 7,000
C) 13,000
D) 3,000

bd5255

Sr. Member
Posts: 386

Reply #1 on: Jul 5, 2018

Answer to Question 1

True

Answer to Question 2

B

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