TrueFalse15. Both Transportation In and Transportation Out accounts are closed by creditingthe accounts.(1 Point)TrueFalse16. A physical inventory is usually taken at the end of the accounting period.(1 Point)True

Transportation in are those expenses which are paid for the transport of goods into the business.…

Answered: 15. Both Transportation In and…

Business

Accounting

15. Both Transportation In and Transportation Out accounts are closed by creditin the accounts. (1 Point) True False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

True
False
15. Both Transportation In and Transportation Out accounts are closed by crediting
the accounts.
(1 Point)
True
False
16. A physical inventory is usually taken at the end of the accounting period.
(1 Point)
True

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8-To record uncollectible under the direct write off method the entry is a. Uncollectible Accounts Expense Dr. and Accounts Receivable Cr. b. Allowance for Doubtful Accounts Dr. and Uncollectible Accounts Expense Cr. c. Accounts Receivable Dr. and Uncollectible Accounts Expense Cr. d. Uncollectible Accounts Expense Dr. and Allowance for Doubtful Accounts Cr.
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