NAME SECTION SCORE PROFESSOR True or False both Transportation in and Transportation Dut accounts related by editing the on the worsheet of merchandising entity that is the perpetual wstemthe Merchandisinventory account balance is not adjusted When using the perpetua eventory system, the Merchandise intory will not appear in die The worksheet of amending entity that uses the perpetual inventory will not have a Transportation in account 5 When preparing a worksheet for a mechaning that was the perpen Inventory system the cost of goods sold can be derived from the biances of accounts in the income Statement com. Under the perpetual inventory system the ending merchandise inventory dosed at the same time as Cost of Goods Sold When preparing a worksheet for a marchandising entity that uses the periode inventory system the merchandise inventory amount shown on the trial balance will be carried over to the Balance Sheet debit column 8. On the worksheet of a merchandising entity that uses the periodic Inventory system both Purchases and Purchases Returns and Allowances spear in the income Statement columns 9. The Purchases account is closed to the Merchandise inventory account 10. The ending inventory amount appears in both income Statement countini on the worksheet of a merchandising entity that uses the periodic inventory system 11 Under the periodic inventory system, the Merchandise inventory account appears in the closing entries made at the end of the period 12 When preparing closing entries under the periodic inventory system, Sales and Purchases Returns and Allowances are both closed in the same entry 11 Sales Discounts is a contra-revenue account with a normal credit balance 14 Purchases Discounts would be recorded as a credit