The steps in the accounting cycle for a merchandising company are the same as those in a

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The steps in the accounting cycle for a merchandising company are the same as those in a service company except:

(a) an additional adjusting journal entry for inventory may be needed in a merchandising company.

(b) closing journal entries are not required for a merchandising company.

(c) apost-closing trial balance is not required for a merchandising company.

(d) a multiple-step income statement is required for a merchandising company.

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Financial Accounting

ISBN: 9781119298229,9781119305842

10th Edition

Authors: Jerry J. Weygandt , Donald E. Kieso , Paul D. Kimmel

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Question Posted: Feb 07, 2024 02:13 AM

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The steps in the accounting cycle for a merchandising company are the same as those in a

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a An additional adjusting journal entry for inventory ma...View the full answer

Financial Accounting

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