1. Assume that the period inventory system is used and the adjusting entry for inventory is made once per year as party of the Year End Procedures. Which respect to the General Ledger account Purchases what should the journal entry include? (Answer IS NOT "D")
   1. Credit to Purchases for the entire balance
   2. Debit to Purchases for the amount that Inventory has increased
   3. Purchases will not be affected as part of the adjusting entry for Inventory/COGS
   4. Credit to Purchases for the amount that Inventory has decreased
   5. Debit to Purchases for the entire balance