Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Under the Periodic inventory system when merchanidise is sold a. debit to the inventory account anytime during the month b.. none of these c .
Under the Periodic inventory system when merchanidise is sold
a.
debit to the inventory account anytime during the month |
b.. | none of these |
c
. | no entry is made reducing inventory until the end of the period and at that time one entry records the reduction in the inventory |
d. | credit the inventory account on the day of sale |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started