When a merchandising business is compared to a service business, ...

[humphriesbr@me.com]

When a merchandising business is compared to a service business, the financial statement that is not affected by that change is the statement of owner's equity.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Permanent accounts are closed into Retained earnings at the end of the accounting period.
 
  Indicate whether the statement is true or false

[elyse44]

Answer to Question 1

True

Answer to Question 2

FALSE

[humphriesbr@me.com]

Thanks for the timely response, appreciate it

[ricroger]

Great answer, keep it coming