Question 31 Not yet answered Marked out of 1.00 P Flag question Which one of the following accounts is debited when inventory is purchased on account using periodic inventory system? Merchandise Inventory Purchases Cash Accounts Payable Question 32 Not yet answered Marked out of 1.00 p Flag question Which one of the following statements is CORRECT regarding closing entries? Only temporary accounts are closed Neither temporary nor permanent accounts are closed Only permanent accounts are closed Both temporary and permanent accounts are closed