Which of the following reconciling items on a bank reconciliation require an adjustment to the balance of the cash account? O A monthly service charge fee Outstanding checks O Deposits-in-transit O Errors by the bank Adjusting entries are prepared for which of the following? O Record depreciation expense O Adjust payroll expense for wages earned but not yet paid Record an inventory purchase Answer 1 & Answer 3 only The purchases journal is used to record: O Inventory purchases only All vendor invoices on account O Inventory and fixed asset purchases only O Inventory purchases and general operating expenses only Which transaction would NOT affect perpetual inventory records? O Sale of merchandise O Purchase of merchandise Sales discount taken Sales return Which of the following errors would NOT cause the trial balance to be out of balance? O Failing to post part of a journal entry O Posting a debit as a credit O Incorrectly calculating the balance of an account Failing to record a transaction In determining cost of goods sold under the periodic inventory method, which account is NOT affected? O Sales discounts O Purchase returns and allowance O Purchase discounts O Freight In