Under a Periodic Inventory System, Closing Entries Will Include

question 138

Multiple Choice

Under a periodic inventory system, closing entries will include

• A) Dr. Sales, Purchases Returns and Allowances, Purchases Discounts
• B) Cr. Purchases, Sales Discounts, Sales Returns and Allowances
• C) Adjust Merchandise Inventory account to match physical inventory
• D) All are correct

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Definitions:

Anorexia Nervosa

An eating disorder characterized by an abnormally low body weight, an intense fear of gaining weight, and a distorted perception of weight or shape.

Distorted Perception

An inaccurate view or interpretation of something, often due to psychological factors affecting the perception of reality.

Antisocial Personality Disorder

A mental disorder characterized by a long-term pattern of disregard for, or violation of, the rights of others.

Agreeableness

A personality trait in the Big Five model characterized by qualities of kindness, cooperation, and warmth.