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Merchandise Inventory (ending) appears on both the Income Statement and the Balance Sheet.

Merchandise Inventory (ending) appears on both the Income Statement and the Balance Sheet.

64) If ending inventory is overstated this period, beginning inventory will be overstated in the next period.

65) The ending inventory in Year 1 is the beginning inventory in Year 2.

66) The Income Summary account is used to adjust beginning and ending inventories.

67) In the perpetual inventory system, it is not necessary to take a physical inventory at the end of the period.

68) The beginning inventory is assumed to be sold; therefore, it is added to cost of goods sold.

69) Unearned Rent is a balance sheet account.

70) When the adjustment is made for amortization, both the Amortization Expense account and Accumulated Amortization account are increased.

71) The amount of supplies used causes a decrease in Supplies and an increase in expense.

72) Unearned Revenue is a liability account used to record rent fees received in advance.

Dec 06 2019 Read more Less More

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