Company Uses the Periodic Inventory Method and Offers the Following

question 95

Multiple Choice

Company uses the periodic inventory method and offers the following information:
$\begin{array} { l r } \text { Beginning inventory } & \$ 4,000 \\\text { Purchases } & \$ 120,000 \\\text { Purchase discounts } & \$ 2,400 \\\text { Purchase returns and allowances } & \$ 800\end{array}$
At the end of the period,the company does an inventory count and finds $16,000 of inventory on hand.
-
Which of the following pairs of T-accounts accurately represents the first two closing entries?

---

Definitions:

Competitive Pressures

The forces exerted on businesses by competition in the marketplace, which can influence pricing, innovation, and strategies.

Organizational Performance

A measure of how effectively and efficiently a company achieves its objectives, including profitability, productivity, and market share.

Continuous Process Improvement

An ongoing effort to improve products, services, or processes by making incremental improvements over time or through significant changes at once.

Business Processes

Sets of activities and tasks that organizations use to develop, deliver, and manage products or services efficiently.