Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point of sale will include which of the following?

Question

Quizplus · Accepted Answer

Under the periodic inventory system, the cost of merchandise sold is not recorded at the point of sale. Instead, the cost of goods sold is calculated at the end of the accounting period when a physical inventory count is conducted. Therefore, none of the listed accounts (Cost of Merchandise Sold, Inventory, Purchases) would be directly affected in the journal entry at the point of sale.

Under the Periodic Inventory System, the Journal Entry to Record