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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Definitions:

Variance

A statistical measure that represents the degree of spread or dispersion of a set of data values around their mean.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values.

Poisson Distribution

A probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space, assuming these events happen with a known constant rate and independently of the time since the last event.

Poisson Distribution

A discrete probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space, assuming that these events occur with a known constant mean rate and independently of the time since the last event.