Reference no: EM132957977
Problem 1: The entry to close the Withdrawal account was entered in reverse-the Withdrawal account was debited and Capital credited. The result of this error is that
A) before closing it, Income Summary will have a credit balance.
B) before closing it, Income Summary will have a debit balance.
C) the end of period capital will be understated.
D) the end of period capital will be overstated.
Problem 2: Inventory shrinkage
A) increases Cost of Goods Sold.
B) decreases Cost of Goods Sold.
C) does not affect Cost of Goods Sold.
D) increases liabilities.
Problem 3: If $4,000 was the beginning inventory, $10,000 in new inventory purchases were made and the cost of goods sold were $7,000, how much was ending inventory?
A) $7,000
B) $4,000
C) $14,000
D) $3,000
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