Match the terms below with the correct definitions.
-An inventory system that debits Purchases when goods are bought
A)Unearned Revenue
B)Income Summary
C)First merchandise inventory adjusting entry (periodic system)
D)Beginning merchandise inventory
E)Ending merchandise inventory
F)Periodic inventory system
G)Wages Payable
H)Wages Expense
I)Purchases
J)Second merchandise inventory adjusting entry (periodic system)

Question

Quizplus · Accepted Answer

The periodic inventory system records inventory purchases to a Purchases account throughout the accounting period and adjusts for the actual inventory available at the end of the period through adjusting entries.

Match the Terms Below with the Correct Definitions