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ACC290 Phoenix Week 3 Accounting Principles Quiz Help

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ACC/290 QUIZZES WEEK 3 QUIZ This statement is false. A service company's operating cycle is ordinarily shorter than that of a merchandising company. The operating cycle of a merchandising company is ordinarily shorter than that of a service company. Entry field with incorrect answer True False (I choose True (incorrect answer), the correct answer is FALSE) Correct! Due to the turnover time of inventory, merchandising companies have an operating cycle that is longer than a service company. The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm. Entry field with correct answer longer than has fewer steps than shorter than the same as Correct! Two entries are required. One will record the sale with a debit to cash and a credit to sales revenue. The second entry is to reduce the inventory: debit cost of goods sold and credit inventory. Which ...
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8 pages

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