In a periodic inventory system,the journal entry to record the sale of merchandise on account would include a:
A)debit to Cost of Goods Sold
B)credit to Accounts Payable
C)debit to Inventory
D)no entry involving Inventory or Cost of Goods Sold

Question

Quizplus · Accepted Answer

In a periodic inventory system, the sale of merchandise is recorded without directly affecting the Inventory or Cost of Goods Sold accounts at the time of sale. These accounts are adjusted at the end of the period during the inventory count.

In a Periodic Inventory System,the Journal Entry to Record the Sale