Under the periodic inventory system inventory purchased is debited to which account?

Question

Quizplus · Accepted Answer

Under the periodic inventory system, inventory purchased is debited to the purchases account. This is because the periodic inventory system requires that the cost of goods sold be calculated at the end of the period by subtracting the ending inventory balance from the sum of the beginning inventory balance and the purchases made during the period. Therefore, all inventory purchases made during the period are recorded in the purchases account.

Under the Periodic Inventory System Inventory Purchased Is Debited to Which