Match the terms below with the correct definitions.
-Liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods
A)Unearned Revenue
B)Income Summary
C)First merchandise inventory adjusting entry (periodic system)
D)Beginning merchandise inventory
E)Ending merchandise inventory
F)Periodic inventory system
G)Wages Payable
H)Wages Expense
I)Purchases
J)Second merchandise inventory adjusting entry (periodic system)

Question

Quizplus · Accepted Answer

This term describes a liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods.

C) First merchandise inventory adjusting entry (periodic system)
 This term describes the first entry made to adjust the merchandise inventory in a periodic inventory system.

D) Beginning merchandise inventory
 This term describes the value of inventory at the beginning of an accounting period.

E) Ending merchandise inventory
 This term describes the value of inventory at the end of an accounting period.

F) Periodic inventory system
 This term describes an inventory accounting method in which the inventory is counted periodically rather than continuously.

G) Wages Payable
 This term describes a liability account that records wages that have been earned by employees but have not yet been paid.

H) Wages Expense
 This term describes the cost of wages that have been earned by employees during an accounting period.

I) Purchases
 This term describes the value of new inventory that has been purchased during an accounting period.

J) Second merchandise inventory adjusting entry (periodic system)
 This term describes the second entry made to adjust the merchandise inventory in a periodic inventory system.

Match the Terms Below with the Correct Definitions