When a periodic inventory system is used,________.
A)an adjusting entry is needed to record the ending Merchandise Inventory account balance
B)the process for closing the Income Summary and Owner's Withdrawals accounts differs from the process used in the perpetual inventory system
C)beginning Inventory,Purchases,and Freight In accounts are closed via the Income Summary Account
D)there is no need to take a physical count of inventory

Question

Quizplus · Accepted Answer

The Answer of When a periodic inventory system is used,________.
A)an adjusting entry is needed to record the ending Merchandise Inventory account balance
B)the process for closing the Income Summary and Owner's Withdrawals accounts differs from the process used in the perpetual inventory system
C)beginning Inventory,Purchases,and Freight In accounts are closed via the Income Summary Account
D)there is no need to take a physical count of inventory

When a Periodic Inventory System Is Used,________