[Answered] Liabilities are increased with debit entries. Indicate whether the statement is true or ...

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Author Question: Liabilities are increased with debit entries. Indicate whether the statement is true or ... (Read 119 times)

Starlight

Hero Member
Posts: 567

on: Jul 5, 2018

Liabilities are increased with debit entries.

Indicate whether the statement is true or false

Question 2

If the perpetual inventory system is used, an account entitled Cost of Merchandise Sold is included in the general ledger.
a. True
b. False

Indicate whether the statement is true or false

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cadimas

Sr. Member
Posts: 362

Reply #1 on: Jul 5, 2018

Answer to Question 1

FALSE

Answer to Question 2

True

Starlight

Hero Member
Posts: 567

Reply #2 on: Jul 5, 2018

Thank you

cadimas

Sr. Member
Posts: 362

Reply #3 on: Jul 5, 2018

No problemo

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