TrueFalse15. Both Transportation In and Transportation Out accounts are closed by creditingthe accounts.(1 Point)TrueFalse16. A physical inventory is usually taken at the end of the accounting period.(1 Point)True

Transportation in are those expenses which are paid for the transport of goods into the business.…

Answered: 15. Both Transportation In and…

Business

Accounting

15. Both Transportation In and Transportation Out accounts are closed by creditin the accounts. (1 Point) True False

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

True
False
15. Both Transportation In and Transportation Out accounts are closed by crediting
the accounts.
(1 Point)
True
False
16. A physical inventory is usually taken at the end of the accounting period.
(1 Point)
True

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