At the End of the Accounting Period, the Correct Entry

question 19

Multiple Choice

At the end of the accounting period, the correct entry in the general journal to adjust for beginning inventory is to

• A) debit Purchases and credit Merchandise Inventory.
• B) debit Merchandise Inventory and credit Sales.
• C) debit Income Summary and credit Merchandise Inventory.
• D) debit the Capital account and credit a revenue account.

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