Match the terms below with the correct definitions.
-Debit Merchandise Inventory; credit Income Summary
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
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