ACC 291T

1. Under a periodic inventory system, Merchandise inventory is adjusted in two steps because both the beginning and ending inventory figures are needed to prepare the income statement True False 2. Stan Still Stationery Store's employees are paid every Friday for a five day work week and are paid a total of $1,625 per day. If December 31, 2019, is on a Tuesday, the amount of the adjusting entry for accrued wages is: $1,625 $4,875 $3,250 $8,125 3. On September 1, 2019, a firm acc...