Under the periodic inventories approach, which of the following is an appropriate journal entry to measure closing inventories:

A) I.
B) II.
C) III.
D) IV.

Question

Under the periodic inventories approach, which of the following is an appropriate journal entry to measure closing inventories:

A) I. 
B) II. 
C) III. 
D) IV.

Quizplus · Accepted Answer

The appropriate journal entry to measure closing inventories under the periodic inventories method includes recording the physical inventory count, determining the cost of goods sold, and adjusting the inventory account. Choice III includes all of these steps and is therefore the correct answer. Choice I only records the physical inventory count, while choice II and IV include partially correct entries but do not cover all necessary steps in measuring closing inventories.

Under the Periodic Inventories Approach, Which of the Following Is