Assuming the use of the perpetual inventory method which of these entries would be a closing entry at the end of the accounting period?

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The closing entry for a perpetual inventory system involves transferring the cost of goods sold from the inventory account to the cost of goods sold account. Therefore, the correct entry is to debit Profit and Loss Summary (or Income Summary) and credit Cost of Sales. Option D represents this journal entry. Option A is incorrect because it assumes that inventory is a revenue account, which it is not. Options B and C are incorrect because they do not relate specifically to the inventory account or the cost of goods sold account.

Assuming the Use of the Perpetual Inventory Method Which of These