Multiple Choice
Match the terms below with the correct definitions.
-An inventory system that debits Purchases when goods are bought
A) Unearned Revenue
B) Income Summary
C) First merchandise inventory adjusting entry (periodic system)
D) Beginning merchandise inventory
E) Ending merchandise inventory
F) Periodic inventory system
G) Wages Payable
H) Wages Expense
I) Purchases
J) Second merchandise inventory adjusting entry (periodic system)
Correct Answer:

Verified
Correct Answer:
Verified
Q8: The Income Statement Debit column exceeds the
Q9: If revenue is earned over two fiscal
Q10: If the Unearned Revenue account had an
Q11: Indicate the work sheet columns in which
Q12: This account is debited in a periodic
Q14: The second adjusting entry for merchandise inventory
Q15: The Accounts Receivable balance would appear in
Q16: The first adjusting entry for merchandise inventory
Q17: The adjusting entry for unearned revenue involves
Q18: If the Income Summary account has a