the british isles (england ,scotland ,wales and northern ireland) were governed by the british government only. they devolved power to each individual country-scottish, welsh and irish assemblies which gave each certain but not total powers of government for each. hence devolution.
In business accounting, merchandising inventory refers to merchandise procured by a merchant for resell. Merchandising companies sell products such as clothing, auto parts and other tangible products. Merchandising inventory is different from manufacturing inventory, because the later constitutes products made directly by the manufacturer.
Prepare an adjustment for merchandise inventory under the periodic inventory system. The adjustment for merchandise inventory under the periodic inventory system re-. quires two adjusting entries. In the first adjusting entry (to remove the beginning in-. ventory), debit Income Summary and credit Merchandise Inventory. In the second. adjusting entry (to enter the ending inventory), debit Merchandise Inventory and. credit Income Summary. 3. Prepare an adjustment of unearned revenue. For revenue received in advance, an adjustment is required to separate the portion. that has been earned from the portion that is unearned.