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Author Question: Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the ... (Read 171 times)

karen

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on: Jul 5, 2018
Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point of sale will include which of the following?
 a. none of these
  b. Cost of Merchandise Sold
  c. Inventory
  d. Purchases

Question 2

Why would the Unearned revenue account need to be adjusted at the end of the period?
 
  A) Revenue that had been deferred is now earned.
  B) Revenue has been recorded, and cash has not yet been received.
  C) Liabilities are unrecorded.
  D) Assets would otherwise be understated.


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frogdreck123456

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Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

A


karen

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

komodo7

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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