Which of the following item will not appear on the balance sheet of a service business?

Select one:

a. Inventory

b. Cash

c. Accounts Payable

d. Accounts Receivable

Which of the following items will not appear on the balance sheet of merchandising business?

Select one:

a. Accounts Receivable

b. Accounts Payable

c. Cash

d. Work In Progress

True or False: The periodic inventory system is the most commonly used inventory system.

Select one:

True

False

Purchased food inventory on January 1, 2016 at a cost of $10,000 on account."

Select one:

a. Debit Inventory-Food; Credit Accounts Payable

b. Debit Cost of Sales; Credit Accounts Payable

c. Debit Accounts Payable; Credit Inventory-Food

d. Debit Account Receivable; Credit Inventory-Food

Which of the following is not considered a non operating expense?

Select one:

a. Insurance

b. Rent

c. Property and Other Taxes

d. Cost of Sales