O A. there is no need to take a physical count of inventory O B. beginning Merchandise Inventory, Purchases, and Freight In accounts are closed via the Income Summary Account OC. the process for closing the Income Summary and Dividends accounts differs from the process used in the perpetual inventory system O D. an adjusting entry is needed to record the ending Merchandise Inventory account balance
O A. there is no need to take a physical count of inventory O B. beginning Merchandise Inventory, Purchases, and Freight In accounts are closed via the Income Summary Account OC. the process for closing the Income Summary and Dividends accounts differs from the process used in the perpetual inventory system O D. an adjusting entry is needed to record the ending Merchandise Inventory account balance
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 4QY: This type of inventory system does not require an entry to Merchandise Inventory until a physical...
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