T F 8. After revenues and expenses have been closed to the Income Summary, the balance of the Income Summary T F 9. Adjusting entries result in a better matching of revenue and expense for the acounting period T F 10. The periodic method of inventory accounting maintains continuous records of the cost of inventory on hand T F 11. Current liabilities may include accounts payable, unearned revenue, and wages payable. T F 12. The income summary is a permanent account and is used throughout the accounting period. TF 13. Each sales transaction of a seller that uses the perpcetual inventory costing system involves recognizing both account will equal the net income or loss of the business. and the cost of goods sold. revenue and cost of merchandise sold