1. Maribeth Villion Store has a: Merchandise Inventory 12/1/2021 30,000 Merchandise Inventory 12/31/2021 24,000 What is the adjusting entry to update the merchandise inventory account as at Dec. 31, 2021? 2. The merchandise inventory account balance in the teial balance columns of a worksheet for a merchandising entity that uses the periodic inventory system... a. Appears in both debit and credit columns b. Appears in credit column only c. Is correct as stated d. Is the same as it was at the beginning of the period 3. Failure to make an adjusting entry for accrued expenses leads to: a. Overstatement of expenses b. Overstatement of liabilities c. Understatement of liabilities d. Understatement of capital 4. What is the final step of accounting cycle?
1. Maribeth Villion Store has a:
Merchandise Inventory 12/1/2021 30,000
Merchandise Inventory 12/31/2021 24,000
What is the
2. The merchandise inventory account balance in the teial balance columns of a worksheet for a merchandising entity that uses the periodic inventory system...
a. Appears in both debit and credit columns
b. Appears in credit column only
c. Is correct as stated
d. Is the same as it was at the beginning of the period
3. Failure to make an adjusting entry for accrued expenses leads to:
a. Overstatement of expenses
b. Overstatement of liabilities
c. Understatement of liabilities
d. Understatement of capital
4. What is the final step of accounting cycle?
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