Which of the Following Accounts Is Debited to Enter the Ending

question 63

Multiple Choice

Which of the following accounts is debited to enter the ending physical count of inventory under the periodic inventory system?

• A) Merchandise Inventory
• B) Income Summary
• C) Owner's Equity
• D) Purchases

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Definitions:

Illegal Performance

An action or service that cannot be legally rendered or provided in a contract due to violating laws or regulations.

Objective Impossibility

A legal concept signifying a situation where the fulfillment of a contractual obligation or duty cannot be completed by anyone due to external circumstances beyond control.

Financial Inability

Financial inability refers to a state where an individual or entity cannot fulfill financial obligations or make payments due to insufficient funds or assets.

Doctrine Of Frustration

A legal principle allowing a contract to be set aside or terminated if an unforeseen event renders contractual obligations impossible, or radically changes the party's principal purpose for entering into the contract.