What Journal Entry Is Required When Inventory Is Sold During $\mathrm { Cr }$

question 37

Multiple Choice

What journal entry is required when inventory is sold during the year under the periodic inventory system?

• A) Dr Cost of goods sold
• \(\mathrm { Cr }\) Inventory
• B) Dr Cost of goods sold
• \(\mathrm { Cr }\) Inventory
• Cr Purchases
• C) \[\text { No Journal Entry is made }\]
• D) Dr Purchases
• \(\mathrm { Cr }\) Accounts Payable

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Definitions:

Psychologists

Professionals who study mental processes and behavior, and may provide counseling and therapy for individuals and groups.

Nature Versus Nurture

A debate concerning the relative importance of an individual's innate qualities versus personal experiences in determining or causing differences in physical and behavioral traits.

Social Experiences

Interactions with others that influence an individual's behavior, beliefs, and feelings.

Genotypic Characteristics

Describes the genetic makeup of an organism and how these genes express themselves in physical and behavioral traits.