Question Details

A company's unadjusted balance in Merchandise Inventory 



1. Sales Allowances and Sales Discounts are both designed to encourage customers to pay their accounts promptly.
2. To grant a customer a sales return, the seller credits Sales Returns and Allowances.
3. A company's unadjusted balance in Merchandise Inventory will usually not agree with the actual amount of inventory on hand at year-end.
4. For a merchandising company, all accounts that affect the determination of income are closed to the Income Summary account.
5. A merchandising company has different types of adjusting entries than a service company.




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