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The steps in the accounting cycle for a merchandising company are the same as those...

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Accounting

The steps in the accounting cycle for a merchandising company are the same as those in a service company except...

A) a multiple-step income statement is required for a merchandising company.

B) an additional adjusting journal entry for inventory may be needed in a merchandising company.

C) closing journal entries are not required for a merchandising company.

D) a post-closing trial balance is not required for a merchandising company.

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