Multiple Choice
When using the periodic inventory system,the Merchandise Inventory account is ________.
A) not used
B) never used when recording purchase discounts, or returns of inventory
C) replaced on the balance sheet with the Purchases account
D) updated after each sale
Correct Answer:
Verified
Correct Answer:
Verified
Q74: The Merchandise Inventory account is an expense
Q75: Which of the following is NOT recorded
Q76: Journalize the following sales transactions for Power
Q77: The term "freight out" refers to _.<br>A)
Q78: In a periodic inventory system,a sale of
Q80: Regarding the end of period adjusting entries
Q81: Freight in is recorded in the Merchandise
Q82: Neighborhood Lawn Equipment uses a perpetual inventory
Q83: Both wholesalers and retailers are merchandisers.
Q84: A company purchased inventory for $2,000 from