question 7 (3 points) not all adjusting entries can be reversed. true false question 8 (3 points) ending…

question 7 (3 points) not all adjusting entries can be reversed. true false question 8 (3 points) ending inventory: increases cost of goods sold. decreases cost of goods sold. does not affect cost of goods sold. increases purchases.

question 7 (3 points) not all adjusting entries can be reversed. true false question 8 (3 points) ending inventory: increases cost of goods sold. decreases cost of goods sold. does not affect cost of goods sold. increases purchases.

Answer

Brief Explanations:

For Question 7: Some adjusting entries like those for depreciation are not reversed, so the statement is true. For Question 8: The formula for Cost of Goods Sold (COGS) is Beginning Inventory + Purchases - Ending Inventory. So, a higher ending - inventory means a lower COGS.

Answer:

Question 7: True Question 8: decreases Cost of Goods Sold.