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Take Test Mitterm Test- ?? ?https://asa.blackboard.c webapps/assessment/take/launchpp?course-assessment-id-102321 & coursed QUESTION 1 isto At the end of the accounting period, the correct entry in the general journal to adust for ending inventory is to a debait Income Summary and credit Merchandise Invetory o b.debit Other Revense and credst Income Sammary c.debit Merchandise Inventory and credit Income Summary od debit Merchandise Inventory and credt Unearned Revense QUESTION 2 The term "FIFO" relates to the merchandise in imventory at the end of the accounting period, not to the merchandise sold during the period True False QUESTION3 relates to the merchandise?uventory at the end of the accounting period not to the merchandse sold dan g the penod The term True False QUESTION 4 Under the cash basis of accounting revense ss when earned regardless of when cash is received True False QUESTION5 Purchases retens and allowances are recorded m the o a parchases journal o b.geseral journal accosnts payable joursal d merchandase yournal QUESTIONG A work sheet is prepared a at auny tome in the accosting penod b always ou December 3 c foe dae (perod] ended fdate Cel Save and Subit to save and Cek Sase All Anners to sae all nsversExplanation / Answer
1) debit merchandise inventory ( debit what comes in) credit incoe summery( credit the income)
2) false, the term FIFO is the method of inventory but it is included sold during the period. but not at end of the period.
3) false, the term LIFO is the method of inventory but it is included sold during the period. but not at end of the period.
4)False,under the cash basis of accoumtig revenue reconised only when we receive cash .
5) purchase returns enterd in purchase book only.
6) work sheet is prepared normally at the end of the accounting period
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