Author Question: The first adjusting entry for merchandise inventory causes a zero balance in the Merchandise ... (Read 45 times)

stevenposner · **on:** Jul 6, 2018

The first adjusting entry for merchandise inventory causes a zero balance in the Merchandise Inventory account when using the periodic inventory system.
a. True
b. False
Indicate whether the statement is true or false

Question 2

For a transaction to be classified as an extraordinary item it must be

A. Unusual in nature and infrequent in occurrence.
B. Unusual in nature or infrequent in occurrence but not under the control of management.
C. Unusual in nature or infrequent in occurrence and under the control of management.
D. Unusual in nature or infrequent in occurrence.