Author Question: The first adjusting entry for merchandise inventory with the periodic inventory system is a credit ... (Read 149 times)

urbanoutfitters

  • Hero Member
  • *****
  • Posts: 530
The first adjusting entry for merchandise inventory with the periodic inventory system is a credit to Merchandise Inventory and a debit to Income Summary.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Which of the following should be included in tax revenues for the current year?
 
  A. Taxes collected this year that have been levied for next year.
  B. Prior year taxes collected during the first 60 days of this year.
  C. Taxes levied this year but not collected until mid-year of the next year.
  D. Taxes levied 2 years ago and collected in first 60 days of the next year.



1_Step_At_ATime

  • Sr. Member
  • ****
  • Posts: 342
Answer to Question 1

True

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

The people with the highest levels of LDL are Mexican American males and non-Hispanic black females.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

In women, pharmacodynamic differences include increased sensitivity to (and increased effectiveness of) beta-blockers, opioids, selective serotonin reuptake inhibitors, and typical antipsychotics.

For a complete list of videos, visit our video library