3) The procedure selected to calculate the cost of the ending inventory has absolutely no effect on the net income.

True

False

4) In determining the number of units used in calculating the ending inventory the results of a perpetual inventory are used.

True

False

5) If using the FIFO method to calculate ending inventory, the first units purchased are assumed to be the last units sold.

True

False

22) The right side of the t-account is the debit side.

True

False

29) The Appleton entity established a $200 Petty Cash fund on June 1, 200X. On June 30, 200X the fund had $45 in cash and the following receipts: Delivery Expense $75, Office Supplies Expense $55, and Postage Expense $25. A decision was made to increase the fnd to $300. The one compound entry to replenish and increase the fund is

	A.	DR Petty Cash 100, CR Cash 100
	B.	DR Petty Cash 100, Postage Expense 25, Office Suplies Expense 55, Delivery Expense 75; CR Cash 255.
	C.	DR Cash 255, cR Petty Cash 100, Postage Expense 25, Office Supplies Expense 55, Delivery expense 75
	D.	DR Cash 100, CR Petty Cash 100