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Under the perpetual inventory method, the beginning inventory balance is adjusted only at the end of the accounting period. True O False The adjusted trial balance represents the combination of the unadjusted trial balance and the adjustments columns True False Administrative Expenses include: O A. Sales - Salaries Expense. O B. Accounting - Staff Salaries Expenses. O C. Delivery Expense. OD. Advertising Expense. A company paid next month's rent in advance. This would be classified as a(n): ... A. Contra - Asset O B. Current asset. O C. Expense. OD. Revenue. The average time it takes to buy and sell merchandise and collect Accounts Receivable is the sales cycle for a business. True False The entry to close the Withdrawal account was entered in reverse the Withdrawal account was debited and Capital credited. This error would cause: A. the income summary account to have a debit balance. B. net income to be understated. c. Withdrawals to be overstated. D. net income to be overstated. When closing income statement accounts having debit balances, which of the following accounts will also be closed? . A. Merchandise Inventory B. Purchases Returns and Allowances C. Sales Returns and Allowances OD. Revenue