Which of the Following Accounts Is Debited in the Adjusting

question 64

Multiple Choice

Which of the following accounts is debited in the adjusting entry to remove beginning inventory under the periodic inventory system?

• A) Capital
• B) Income Summary
• C) Drawing
• D) Merchandise Inventory

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms or societal standards.

Compliance

Changing one’s behavior as a result of other people directing or asking for the change.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms or standards.

Altruism

Prosocial behavior that is done with no expectation of reward and may involve the risk of harm to oneself.