This Account Is Debited in a Periodic Inventory System, When

question 12

Multiple Choice

This account is debited in a periodic inventory system, when goods are bought for resale.

• A) Merchandise Inventory
• B) Purchases
• C) Purchase Discounts
• D) Sales

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Definitions:

Large Part

A phrase indicating a significant portion or majority of a whole.

Elastic Demand

A situation where the quantity demanded of a product changes significantly in response to a change in price.

Substitutes

Products or services that can be used in place of each other; an increase in the price of one leads to an increase in demand for the other.

Available

Referring to resources or goods that are obtainable and can be utilized.