The Journal Entry to Close Out Beginning Inventory Under the Periodic

question 56

Multiple Choice

The journal entry to close out beginning inventory under the periodic inventory system is:

• A)debit Purchases and credit Cost of Goods Sold.
• B)debit Purchases and credit Inventory.
• C)debit Inventory and credit Cost of Goods Sold.
• D)debit Cost of Goods Sold and credit Inventory.

---

Definitions:

Manufacture Products

The process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications.

Instructional Approach

A method or strategy used in teaching to facilitate learning and improve students' understanding and skills.

Remediation

An approach to providing special instruction to students with disabilities, with the goal of eventually “catching them up” in the curriculum.

Curriculum

A structured set of learning outcomes or objectives. The curriculum reflects what school districts decide students need to know and the sequence in which the content will be learned. A complete curriculum includes numerous objectives covering different content areas.