Under a Periodic Inventory System, Closing Entries Will Include

question 191

Multiple Choice

Under a periodic inventory system, closing entries will include

• A) debits to Sales, Purchases Returns and Allowances, and Purchases Discounts
• B) credits to Purchases and Sales Discounts
• C) adjustments to Merchandise Inventory to match physical inventory
• D) All of these choices

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Definitions:

Operational Plan

A detailed plan outlining how a team or department will contribute to the achievement of the organization’s strategic goals.

Chief Executive Officer

The highest-ranking executive in a company or organization, responsible for overarching strategies and operations.

Board Members

Individuals elected or appointed to oversee the activities of a company or organization, providing governance, strategic direction, and oversight.

Staff

Individuals employed by an organization, particularly those on the payroll who contribute to the execution of tasks and functions.