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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