When preparing a worksheet for a merchandising company using periodic inventory system, which account should not be reported in the Income statement columns? -Sales discount -Freight-out -Freight-in -Accrued expenses -answer not given Which is not closed to income summary account under the periodic inventory system? * -Sales returns -Merchandise inventory beginning -Transportation-in -Accumulated depreciation -answer not given The following may be reversed at the beginning of the following accounting period, except *

Jenbright Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIIFO) costs is $98,000 and on a dollar-value LIFO basis is $76,520. Based on this information, prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the adjusting entry for the current year. Account Year-end

The accountant for the Fred Company did not record a purchase of merchandise on credit or include the items in the ending inventory. The effect of these omissions on assets, liabilities, and retained earnings would be (assume a periodic inventory system): Assets Liabilities Retained Earnings a. Understate Understate Understateb. Understate Understate No effectc. No effect Understate No effectd. Understate No effect Understate

What is the inventory system called that discloses the amount of inventory on hand ONLY at the end of the accounting period when a physical count is taken? Group of answer choices retail physical periodic perpetual