« previous next »

Author Question: The ending merchandise inventory (using the periodic system) is placed on the books by an adjusting ... (Read 60 times)

tfester

  • Hero Member
  • *****
  • Posts: 534
on: Jul 6, 2018
The ending merchandise inventory (using the periodic system) is placed on the books by an adjusting entry
 a. debiting Merchandise Inventory and crediting Sales.
   b. debiting Income Summary and crediting Merchandise Inventory.
   c. debiting Merchandise Inventory and crediting Income Summary.
   d. debiting Purchases and crediting Merchandise Inventory.
   e. debiting Merchandise Inventory and crediting Purchases.

Question 2

All of the following financial statements must be presented for an Internal Service Fund except for a
 
  a. balance sheet.
  b. statement of revenues, expenses, and changes in fund net assets.
  c. statement of cash flows.
  d. statement of revenues, expenses, and changes in fund net assets: budget and actual.


bulacsom

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jul 6, 2018
Answer to Question 1

c

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

An open circulatory system. An open circulatory system.
The Periodic Table The Periodic Table
Block Diagram of a Dual-stage Pressure System for Dual-Stage Pressure Production of Nitric Acid Seme Block Diagram of a Dual-stage Pressure System for Dual-Stage Pressure Production of Nitric Acid Seme
Internal organs of the female reproductive system within the pelvis Internal organs of the female reproductive system within the pelvis
Receptors in the Autonomic Nervous System Receptors in the Autonomic Nervous System
A chemical reaction is run in which 447 Joules of work is done by the system and A chemical reaction is run in which 447 Joules of work is done by the system and
Video: Predator- prey competition and symbiosis

For a complete list of videos, visit our video library