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Ending inventory is adjusted by debiting Merchandise Inventory and crediting Capital.
True
False
Which of the following could appear in an adjusting entry, closing entry, and reversing entry?
A.
Salary Expense
B.
Depreciation Expense, Buildings
C.
Withdrawals
D.
Cash
Reversing entries are done when assets or liabilities are increasing and have no previous balance.
True
False
Gross Profit equals:
A.
Cost of Goods Sold
Other Expenses.
B.
Cost of Goods Sold
Operating Expenses.
C.
Sales
Sales Returns and Allowances
Sales Discounts
Cost of Goods Sold.
D.
Net sales
Net Purchases.
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