s. The principle ledger that contains all the balance sheet and income statement accounts is the general ledger a. True b. False 6. Freight-in is considered a cost of purchasing inventory a. True b. False 7. When using FIFO inventory costing method, the most recent goods are assigned to the cost of merchandise sold a. True b. False 8. After a bank reconciliation is completed, adjusting entries are prepared for items in the balance per company's records as well as items in the balance per bank statement. a. Tru b. False 9. The normal balance of accumulated depreciation account is debit a. True b. False 1o. Federal unemployment taxes are paid by the employer and the employee a. True b. False Multiple Choice (2 points each) Please circle the correct