In a periodic inventory system, what kind of account is Purchases? Is it an asset, an expense,

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In a periodic inventory system, what kind of account is Purchases? Is it an asset, an expense, or neither?

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Using Financial Accounting Information The Alternative to Debits and Credits

ISBN: 978-1133161646

7th Edition

Authors: Gary A. Porter, Curtis L. Norton

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Question Posted: Jan 12, 2012 02:57 AM

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In a periodic inventory system, what kind of account is Purchases? Is it an asset, an expense,

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The Purchases account is neither an asset nor an expense account It is simply a temporary ho...View the full answer

Using Financial Accounting Information The Alternative to Debits and Credits

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