ell DeVaughn: Attempt 1 Under both the periodic and perpetual inventory systems, a physical inventory count is taken to determine the cost of the inventory on hand and the cost of the merchandise sold. True False Question 18 (Mandatory) (1 point) The journal entry to record the purchase of inventory on account is: debit Inventory and credit Accounts Payable. debit Purchases and credit Accounts Payable. debit Inventory and credit Cost of Goods Sold. debit Cost of Goods Sold and credit Accounts Payable. Question 19 (Mandatory) (1 point) The journal entry to remove the beginning inventory as it is sold is: debit Cost of Goods Sold and credit Inventory. debit Inventory and credit Cost of Goods Sold. debit Purchases and credit Inventory. debit Purchases and credit Cost of Goods Sold