Benefits of Maintaining Inventory Records on a Perpetual Basis Include

The end-of-period adjusting entries are A) recorded and posted in the ledger. B) recorded in the journal and posted in the ledger. C) recorded in the ledger and posted in the journal. D) recorded and posted in the journal.

Closing entries for a manufacturing firm include all of the following except A) transferring all manufacturing cost accounts to Manufacturing Summary. B) transferring all Revenue and Expense account balances to Income Summary. C) closing Manufacturing Summary to Income Summary. D) closing Income Summary to Net Income.