Chapter 5, Problem 4.17C

Using the partial work sheet provided below, prepare the adjusting entries for merchandise inventory.

Record the following transactions in general journal form using the periodic inventory system:

Rules of debit and credit for periodic inventory accounts Complete the following table by indicating for A through G whether the proper answer is debit or credit:

Record the following purchase transactions of Money Office Supplies.

Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payable

Which of the following describes features of a perpetual inventory system? A. Technology is normally used to record inventory changes. B. Merchandise bought is recorded as purchases. C. An adjusting journal entry is required at year end, to match physical counts to the asset account. D. Inventory is updated at the end of the period.