Match the Terms Below with the Correct Definitions

question 26

Multiple Choice

Match the terms below with the correct definitions.
-Debit Merchandise Inventory; credit Income Summary

• 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:

Insurance Money

Funds received from an insurance company either as a claim settlement or benefit payment.

Short-rate Penalty

A Short-rate Penalty is a fee charged to policyholders who cancel their insurance policy before it expires, calculating the refund using a method that is less favorable than pro-rata.

Annual Premiums

The amount paid on an annual basis for insurance coverage, which can pertain to various types of insurance policies.

Moving Vans

Moving Vans are large vehicles used for transporting household or commercial goods from one location to another during relocation.