1. true or false. under the accrual system expenses are recorded when inccured

2. Recording the adjustment for supplies used will:

a) increase the total liability and increase the total expense

b) increase the total assets and increase the total liabilities

c) decrease the total assets and increase the total expenses

d) decrease the merchandise inventory and decrease the total expense

3. true or false. under the periodic inventory method, the ending inventory is adjusted by debiting income summary and crediting merchandise inventory?

4. when using a periodic inventory method, what account is increased when you buy merchandise inventory

a) cost of goods sold

b) inventory

c) supplies

d) purchases