Match the Terms Below with the Correct Definitions

question 93

Multiple Choice

Match the terms below with the correct definitions.
-An account debited when goods are bought for resale (using the periodic inventory system)

• A)Unearned Revenue
• B)Income Summary
• C)First merchandise inventory adjusting entry (periodic system)
• D)Beginning merchandise inventory
• E)Ending merchandise inventory
• F)Periodic inventory system
• G)Wages Payable
• H)Wages Expense
• I)Purchases
• J)Second merchandise inventory adjusting entry (periodic system)

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Definitions:

Mercantilism

An economic theory and practice prevalent in Europe during the 16th to 18th centuries, centered on building a nation's wealth by maximizing exports and minimizing imports.

Articles of Capitulation

Documents that outline the terms and conditions under which a military force surrenders, typically agreed upon by conflicting parties during a conflict.

Epidemics

The prevalent spread of contagious illnesses within a community during a specific period.

Spanish Demands

The requests or requirements set forth by Spain, historically in the context of its empire or more recent diplomatic and economic negotiations.