A company used a perpetual inventory system. By physical count, ...

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A company used a perpetual inventory system. By physical count, ending Merchandise Inventory is 90,200 . The balance in the Merchandise Inventory account is 93,700 . The adjusting entry is
 a. debit to Income Summary, 3,500; credit Merchandise Inventory, 3,500.
   b. debit to Merchandise Inventory, 3,500; credit Income Summary, 3,500.
   c. debit to Cost of Goods Sold, 3,500; credit Merchandise Inventory, 3,500.
   d. debit to Income Summary, 3,500; credit Cost of Goods Sold, 3,500.
   e. debit to Merchandise Inventory, 3,500; credit Cost of Goods Sold, 3,500.

Question 2

Accumulated Depreciation, Equipment appears in which column of the worksheet?
 a. Income Statement, DR
   b. Income Statement, CR
   c. Balance Sheet, DR
   d. Balance Sheet, CR

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Answer to Question 1

c

Answer to Question 2

d