At the End of the Accounting Period, the Correct Entry

question 22

Multiple Choice

At the end of the accounting period, the correct entry in the general journal to adjust for ending inventory is to

• A) debit Merchandise Inventory and credit Unearned Revenue.
• B) debit Income Summary and credit Merchandise Inventory.
• C) debit Merchandise Inventory and credit Income Summary.
• D) debit Other Revenue and credit Income Summary.

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Definitions:

Cooperative

Refers to actions or processes undertaken jointly by two or more parties with the objective of mutual benefit.

Empathetic

Possessing the ability to understand and share the feelings of another, showing empathy.

Quality Agreements

Are formal agreements between companies and their suppliers or service providers that detail the standards and quality requirements for products or services.

Identification-based Trust

A form of trust built on the alignment of values and identification with another's intentions and character.