A client uses a periodic inventory system.Would one expect a credit to which of the following accounts at the point of sale?

$\quad $ $\quad $ $\quad $$\begin{array} { c c c }
& \text { Sales } & \quad\text { Inventory } \\end{array}$
A- $\begin{array} { c c c } \quad\quad\quad\text { Yes } &\quad\quad\quad\quad \text { Yes } \\end{array}$
B- $\begin{array} { c c c }\quad\quad\quad \text { Yes } &\quad\quad\quad\quad \text { No } \\end{array}$
C- $\begin{array} { c c c } \quad\quad\quad\text { No } & \quad\quad\quad\quad\text {Yes } \\end{array}$
D- $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \text { No }
\end{array}$

A)Option A
B)Option B
C)Option C
D)Option D

Question

A client uses a periodic inventory system.Would one expect a credit to which of the following accounts at the point of sale?

$\quad $ $\quad $ $\quad $$\begin{array} { c c c } 
& \text { Sales } & \quad\text { Inventory } \\end{array}$
A- $\begin{array} { c c c }  \quad\quad\quad\text { Yes } &\quad\quad\quad\quad \text { Yes } \\end{array}$ 
B-  $\begin{array} { c c c }\quad\quad\quad \text { Yes } &\quad\quad\quad\quad \text {  No } \\end{array}$
C-  $\begin{array} { c c c } \quad\quad\quad\text {  No } & \quad\quad\quad\quad\text {Yes } \\end{array}$
D-   $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \text {  No }
\end{array}$

A)Option A
B)Option B
C)Option C
D)Option D

Quizplus · Accepted Answer

In a periodic inventory system, the cost of goods sold is only recorded at the end of the accounting period based on a physical count of inventory. At the point of sale, only the sales revenue account would be credited, while the cost of goods sold account would not be affected until the end of the period. Option B represents the sales revenue account, and is the only account that would be affected at the point of sale in a periodic inventory system.

A Client Uses a Periodic Inventory System \quad \quad

A Client Uses a Periodic Inventory System $\quad$ $\quad$