Kindly answer the questions from 10 - 48

is the merchandise a company owns and expects to sell to customers 46. Which of the following is an example of a deferral? A. Apportioning costs between two or more periods B. Recognizing an accrued expense C. Recognizing an uneamed revenue D. Recognizing an accrued revenue E. All of the above 47. ______is equal to Net sales minus cost of goods sold 48. The second adjusting entry for merchandise inventory under the periodic system, is A. debit Income Summary and credit Merchandise Inventory B. debit Merchandise Inventory and credit Income Summary C. Debit Cost of Goods Sold and credit Merchandise Inventory D. debit Merchandise Inventory and credit Cost of Goods Sold E. None of the above