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Mrac [35]
3 years ago
13

XYZ Company uses the periodic inventory system to account for its merchandise purchases. A physical count of inventory at year e

nd revealed that $6,000 of inventory was on hand. Given the partial list of accounts below, show your understanding of the entry to close the temporary debit balance accounts and update the Merchandise Inventory account by selecting all of the correct answers below. (Check all that apply.)
Business
1 answer:
Colt1911 [192]3 years ago
4 0

Answer:

Credit Purchases $36,000.

Credit Sales Discounts $500.

Credit Merchandise Inventory for the beginning balance $5,000.

Explanation:

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There is an increase in demand.

Explanation:

We all know that a Change in the price of the good results in the movement along the same demand curve.

  • <u>A rightward shift </u><u>in demand(i.e from D to D1</u>) would <u>increase the quantity demanded at all prices</u> compared to the original demand curve.Thus we can say that there is an increase in demand.
  • On the other hand  a <u>left shift </u>indicates<u> decrease in demand</u>.

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Answer:

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Answer:

Compensation for damages

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Negligence is a failure to exercise appropriate and or ethical ruled care expected to be exercised amongst specified circumstances.

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