Which of the Following Items Does Not Result in an Adjustment

question 91

Multiple Choice

Which of the following items does not result in an adjustment in the merchandise inventory account under a perpetual system?

• A) A purchase of merchandise.
• B) A return of merchandise inventory to the supplier
• C) Payment of freight costs for goods shipped to a customer
• D) Payment of freight costs for goods received from a supplier

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Definitions:

Total Liabilities

The sum of all financial obligations a company owes to outside parties, including loans, accounts payable, and mortgage obligations.

State Sales Tax

A tax imposed by a state on the sale of goods and services, typically calculated as a percentage of the sales price.

Revenue Report

A financial document that outlines the income generated by a company from its normal business operations.

General Journal Entry

A record in the general journal that includes the date, accounts and amounts to be debited and credited, and a brief description of the transaction.