Matching
Match the correct definitions below with the terms.
Premises:
An inventory system that debits Purchases when goods are bought
Liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods
Merchandise Inventory that appears in the Income Statement Debit column of the work sheet
The credit account of the adjustment for accrued payroll
Temporary account used for adjusting Merchandise Inventory account
Debit Income Summary; credit Merchandise Inventory
An account debited when goods are bought for resale (using the periodic inventory system)
The debit account of the adjustment for accrued payroll
Debit Merchandise Inventory; credit Income Summary
Merchandise Inventory that appears in the Balance Sheet Debit column of the work sheet
Responses:
Unearned Revenue
Income Summary
First merchandise inventory adjusting entry (periodic system)
Beginning merchandise inventory
Ending merchandise inventory
Periodic inventory system
Wages Payable
Wages Expense
Purchases
Second merchandise inventory adjusting entry (periodic system)
Correct Answer:
Premises:
Responses:
An inventory system that debits Purchases when goods are bought
Liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods
Merchandise Inventory that appears in the Income Statement Debit column of the work sheet
The credit account of the adjustment for accrued payroll
Temporary account used for adjusting Merchandise Inventory account
Debit Income Summary; credit Merchandise Inventory
An account debited when goods are bought for resale (using the periodic inventory system)
The debit account of the adjustment for accrued payroll
Debit Merchandise Inventory; credit Income Summary
Merchandise Inventory that appears in the Balance Sheet Debit column of the work sheet
Premises:
An inventory system that debits Purchases when goods are bought
Liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods
Merchandise Inventory that appears in the Income Statement Debit column of the work sheet
The credit account of the adjustment for accrued payroll
Temporary account used for adjusting Merchandise Inventory account
Debit Income Summary; credit Merchandise Inventory
An account debited when goods are bought for resale (using the periodic inventory system)
The debit account of the adjustment for accrued payroll
Debit Merchandise Inventory; credit Income Summary
Merchandise Inventory that appears in the Balance Sheet Debit column of the work sheet
Responses:
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