In a periodic inventory system,recording a sale on account involves crediting which of the following accounts?
A)Only Sales.
B)Sales and Inventory.
C)Sales and Cost of Goods Sold.
D)Sales,Inventory,and Cost of Goods Sold.

Question

Quizplus · Accepted Answer

In a periodic inventory system, recording a sale on account involves crediting the Sales account only. The Cost of Goods Sold and Inventory accounts are adjusted at the end of the period, not at the time of each sale.

In a Periodic Inventory System,recording a Sale on Account Involves