FAD Company Uses a Periodic Inventory System and Its Inventory

question 153

Multiple Choice

FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: The journal entry necessary at the end of the period to transfer beginning inventory and net purchases to cost of goods sold will include which of the following?

• A)Credit Inventory for $6,250.
• B)Debit Purchases for $11,250.
• C)Debit Inventory for $6,250.
• D)Debit Cost of Goods Sold for $11,250.

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Definitions:

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The verbatim (word-for-word) account of a conversation.

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