In a Periodic Inventory System, the Closing Process Includes Crediting

question 26

Multiple Choice

In a periodic inventory system, the closing process includes crediting the following accounts to bring their balances to zero:

• A)Cost of Goods Sold and Freight In.
• B)Purchases and Freight In.
• C)Purchase Discounts and Sales Discounts.
• D)Purchase Returns and Allowances and Purchase Discounts.

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Definitions:

Grenville

Was a British Whig statesman who served as Prime Minister of Great Britain in the mid-18th century, known for his policy of taxing the American colonies, leading to unrest.

British Troops

Military forces from the United Kingdom, involved in various historical and contemporary conflicts and peacekeeping missions around the world.

Lord North

A British statesman who served as Prime Minister from 1770 to 1782, notably during a significant portion of the American Revolutionary War.

Liberty

The condition of enjoying freedom in society from authoritarian-imposed constraints on one's lifestyle, actions, or political beliefs.