en entering answers: do not use a decimal with a whole number; correct example: 48 Question 1 2 pt When merchandise is maintained using a periodic inventory system, the balance in the Merchandise Inventory general ledger account is updated each time a physical inventory is taken, either at month or year-end. True O False Question 2 2 pts The balance in an Unearned Revenue account that appears on a Balance Sheet represents revenue that is earned but the related cash has yet to be received. O True O False Question 3