The Adjusting Entry at Year End Under a Perpetual Inventory

question 43

Multiple Choice

The adjusting entry at year end under a perpetual inventory system to record cost of goods sold includes a:

• A)debit to cost of goods sold and a credit to inventory for the ending balance of inventory.
• B)debit to purchases and a credit to cost of goods sold for the beginning balance of purchases.
• C)debit to cost of goods sold and a credit to inventory for the beginning balance of inventory.
• D)No adjusting entry is required under a perpetual inventory system to adjust the beginning and ending balances.

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