If the perpetual inventory system is used, the merchandise ...

[pane00]

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]

Answer to Question 1

True

Answer to Question 2

B