12.2   Learning Objective 2 1) How is Income Summary closed if the company had a net loss? A) Credit Income Summary; debit Capital B) Debit Income Summary; credit Capital…

  11.2   Learning Objective 11-2 1) When completing a worksheet: A) the ending inventory amount appears in the income statement debit column. B) the beginning inventory amount appears in the…

  71) The Freight-in account is an operating expense account. 72) Mortgage Payable is a contra-liability account. 73) Mortgage Payable is found on the income statement. 74) Sales Discount is…

  11) Which inventory appears in the balance sheet column of the worksheet? A) Ending inventory B) Beginning inventory C) Combination of beginning and ending inventories D) Purchases 12) The…

  11) The second entry to adjust Merchandise Inventory includes: A) a debit to Merchandise Inventory. B) a credit to Merchandise Inventory. C) a debit to Income Summary. D) None…