on 7 Purchased merchandise on account is treated as not a liability to the firm t red Select one: d out of True False 9 question en 8 A journal is a record which shows the complete detail of transaction in one entry ed Select one: out of True False question 9 The accounting cycle starts with the d Select one: out of a. Preparation of adjusting entries question b. Preparation of Ledger accounts C. Analysis of business transactions O d. Preparation of Trial balance