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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Under the periodic inventory system, the ending inventory is entered by debiting Merchandise Inventory and crediting Income Summary.

To determine

Identify whether the given statement is true or false.

Explanation

Periodic inventory system:

The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system

The adjustment for merchandise inventory is done by entering the ending inventory in the merchandise inventory account by recording the following entry:

DateAccount Titles and ExplanationsDebit ($)Credit ($)
Merchandise Inventoryxxx
    Income Sum...

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