Save All Ans Question 1 Which of the following accounts is used only at the clas

Question

Save All Ans Question 1 Which of the following accounts is used only at the clase of the accounting period to adju O Capital O Income Summary 3 points ust the merchandise inventory account and summarize the temporary owner's equity accounts? Drawing O Uneaned Revenue Question 2 A formal statement of the results of the operation of a business during an accounting penod is called an) O income statement O balance sheet O statement of cash flows O statement of equity 3 points Question 3 3 points The inventory system in which a continuous record is maintained for inventory and cost of goods sold is called O perpetual LIFO periodic

Explanation / Answer

Ans. The following is Answer question wise

1 The Answer is Capital Account

2. The Answer is Income statement

3. The Answer is Perpectual

4. Debiting Account Receviable and crediting sales ac

5. Sales return and allowance

6. Debiting Interest Receivable and crediting interest revenue

7. Debit Income summery and credit merchandise inventory

8. LIFO

9. Amoritisation

10. from General Ledger

11. Interest expense

12. Delivery equipment

13. Prepare trial balance

14. Merchandise inventory

15. credit gain on sale of equipment $2000

16. Debiting Merchandise inventory and crediting Account payable

17. Debiting Equipment account and crediting cash or liability account

18. Net loss

19. cost of goods sold

20. Operating expenses

21. Principal amt of note

22. Rate of Interest

23. Understated

24. Consistency principal

25. when account is credited and cash is debited

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