Multiple Choice
Match the terms below with the correct definitions.
-An account debited when goods are bought for resale (using the periodic inventory system)
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
Q88: Inventory shortages are debited to<br>A) Merchandise Inventory<br>B)
Q89: Under a perpetual inventory system, a shortage
Q90: When goods are bought under the periodic
Q91: Identify the account to be debited under
Q92: On the work sheet, the adjusted balance
Q94: On the work sheet, the amount of
Q95: Taking a physical count of the merchandise
Q96: Adjusting entries are journalized and posted in
Q97: In the Adjustments columns of the work
Q98: Prepaid Insurance appears in which column of