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:

Inner City

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Symbol of Wealth

An object, status, or activity that is widely recognized as a representation of financial prosperity and social status.

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Refers to individuals from white ethnic backgrounds who possess considerable wealth or live in areas associated with high socioeconomic status.

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