Help Save & Question 1 of 1 Which of the following statements is not correct? O When a periodic system is in use, the Purchases account must be credited for its O When a periodic inventory system is in use, the Merchandise Inventory account is account balance to close this account to the Income Summary account. both debited and credited in the closing entry process. when a periodic system is in use, the Purchases Returns and Allowances, the Purchases Discounts, and the Transportation-In accounts must be debited to close their account balances to the Income Summary account. when a periodic system is in use, each Purchases, Purchases Return and Allowance, Purchases Discount, and Transportation-In transaction is recorded in a separate temporary account. rs submit answer & continue