Under a Periodic Inventory System, Which of the Following Entries

question 36

Multiple Choice

Under a periodic inventory system, which of the following entries would record the purchase of merchandise on credit?

• A) Debit Inventory and credit Accounts Payable
• B) Credit Sales and debit Accounts Receivable
• C) Debit Purchases and credit Accounts Payable
• D) Credit Purchases and debit Cost of Goods Sold