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Assuming the Use of the Perpetual Inventory Method Which of These

Question 59

Multiple Choice

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


A) Debit inventory; credit profit or loss summary
B) Debit profit or loss summary; credit cost of sales
C) Debit profit or loss summary; credit purchases
D) Debit profit or loss summary; credit inventory

Correct Answer:

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