Author Question: After posting the adjusting entries, the balance of the depreciation expense account should agree ... (Read 340 times)

tsand2 · **on:** Jul 5, 2018

After posting the adjusting entries, the balance of the depreciation expense account should agree with the amount shown on the income statement.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Under the perpetual inventory system, when a sale is made, both the sale and cost of merchandise sold are recorded.
a. True
b. False

Indicate whether the statement is true or false