« previous next »

Author Question: The first adjusting entry for merchandise inventory with the periodic inventory system is a credit ... (Read 171 times)

urbanoutfitters

  • Hero Member
  • *****
  • Posts: 530
on: Jul 6, 2018
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
Reply #1 on: Jul 6, 2018
Answer to Question 1

True

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

urbanoutfitters

  • Hero Member
  • *****
  • Posts: 530
Reply #2 on: Jul 6, 2018
Correct answers!


1_Step_At_ATime

  • Sr. Member
  • ****
  • Posts: 342
Reply #3 on: Jul 6, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

The term bacteria was devised in the 19th century by German biologist Ferdinand Cohn. He based it on the Greek word "bakterion" meaning a small rod or staff. Cohn is considered to be the father of modern bacteriology.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

digestive system digestive system
Pathways of the Visual System in the Brain Pathways of the Visual System in the Brain
The MMPI personality inventory The MMPI personality inventory
Divisions of the Nervous System Divisions of the Nervous System
Circulatory System of a Shark Circulatory System of a Shark
Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ... Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ...
Video: Inflammatory response Animation

For a complete list of videos, visit our video library