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Question 8 Using a perpetual inventory system, Ace Co. sells some inventory FOB destination. Which account...

Question 8

Using a perpetual inventory system, Ace Co. sells some inventory FOB destination. Which account would Ace Co. record the freight charges?

Freight would not be charged to ACE Co – account not required

Freight out

Merchandise Inventory

Cost of Goods Sold

Question 9

If a company lists Merchandise Inventory as $201,000 on its trial balance, but the physical count determines the actual value of inventory on hand is $199,000, the adjusting entry will include:

a credit to Merchandise Inventory for $191,000

a credit to Merchandise Inventory for $2,000

a debit to Merchandise Inventory for $189,000

a debit to Merchandise Inventory for $2,000

Question 10

Which of the following accounts is not closed to Income Summary?

Cost of Goods Sold

Sales Discounts

Sales

Merchandise Inventory

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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