9. When completing the worksheet: a. ending inventory is carried to the balance

Question

9.         When completing the worksheet:

a.   ending inventory is carried to the balance sheet columns

b.   ending inventory is carried to the income statement columns

c.   beginning inventory is carried to the balance sheet columns

d.   beginning inventory is carried to the income statement columns

10.       When completing the worksheet:

a.   both beginning and ending inventory are closed into income summary

b.   beginning inventory is closed into income summary

c.   ending inventory is closed into income summary

d.   cost of goods sold is closed into income summary

Explanation / Answer

9. a.   ending inventory is carried to the balance sheet columns

10, cost of goods sold is closed into income summary

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