The amount for beginning inventory is not needed when calculating Cost of Goods Sold.
74) Under the periodic inventory system, an adjustment is made on the worksheet for inventory.
75) The beginning inventory is adjusted by crediting Merchandise Inventory and debiting Income Summary.
76) The ending inventory is adjusted by debiting Income Summary and crediting Merchandise Inventory.
77) Adjustments are journalized before recording them in the worksheet.
78) Under the accrual system, expenses are recorded when paid.
79) The beginning and ending inventories are combined to determine the balance sheet inventory amount.
80) The Freight-in account is a Cost of Goods Sold account.
81) Mortgage Payable is an expense account.
82) Mortgage Payable is found on the income statement.
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