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Match the followings by pairing them together. Each answer can be chosen ONLY ONCE When prices are rising. LIFO inventory costing produces When prices

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Match the followings by pairing them together. Each answer can be chosen ONLY ONCE When prices are rising. LIFO inventory costing produces When prices are rising. FIFO inventory costing produces Lowest net income The highest net income QU 17 25 Salaries payable is considered a 33 Accrued expense account * Owner's drawing is closed to the Owner's capital account Finish ar Time lef Allowance for doubtful accounts is considered a Revenue is closed to the Unearned revenue is A patent is classified as Accounts receivable are shown in the balance sheet at A contra asset account Income Summary account A current liability account An intangible asset account 0 Net realizable value Cost minus accumulated depreciation is called Book Value

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