Under the Periodic Inventories Approach, an Appropriate Journal Entry to Measure

question 23

Short Answer

Under the periodic inventories approach, an appropriate journal entry to measure closing inventories would be: a. DR Opening irventories (cost of goods sold expense)
$\quad$ CR Irventories (asset)
b. DR Purchases (expense)
$\quad$ CR Irventories (asset)
c. DR Irventories (asset)
$\quad$ CR Closing irventories (cost of goods sold expense)
d. DR Purchases returns (cost of goods sold expense)
$\quad$ CR Irventories (asset)

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