Which of the following accounts is debited to enter the ending physical count of inventory under the periodic inventory system?
A) Merchandise Inventory
B) Income Summary
C) Owner's Equity
D) Purchases

Question

Quizplus · Accepted Answer

Under the periodic inventory system, the ending physical count of inventory is recorded by debiting the Merchandise Inventory account. This account represents the cost of the goods held for sale by the company.

Which of the Following Accounts Is Debited to Enter the Ending