Question
Under a periodic inventory system, closing entries will include a. adjustments to Merchandise Inventory to match physical inventory b. credits to Purchases and Sales Discounts
Under a periodic inventory system, closing entries will include
a. adjustments to Merchandise Inventory to match physical inventory
b. credits to Purchases and Sales Discounts
c. debits to Sales, Purchases Returns and Allowances, and Purchases Discounts
d. All of these choices are correct.
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Advanced Financial Accounting
Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey
7th Edition
0073526746, 978-0073526744
