When Recording the Sale of Merchandise Inventory,using a Periodic Inventory

question 251

Multiple Choice

When recording the sale of merchandise inventory,using a periodic inventory system,________.

• A) a running record of merchandise inventory is maintained during the accounting period
• B) the Sales Revenue account is credited only as an adjusting entry because sales information is not needed during the accounting period
• C) sales discounts are not recorded
• D) there is no need to record an entry to the Merchandise Inventory and the Cost of Goods Sold accounts

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Definitions:

Light Drinkers

Individuals who consume alcoholic beverages in limited quantities, typically below standard guidelines for moderate drinking.

Binge Drinking

The consumption of an excessive amount of alcohol in a short period of time, typically defined as five or more drinks on a single occasion for men, or four or more for women.

College Students

Individuals who are enrolled in and attending an institution of higher education, such as a college or university.

Violent Crimes

Criminal acts that involve the use or threat of physical force against another person.