Seifert Company Uses the Periodic Inventory System

Seifert Company uses the periodic inventory system.At the end of the accounting period on December 31,ending inventory is $10,000 and beginning inventory is $5,000.Purchases for the period are $99,000.Which of the following journal entries did Seifert Company prepare on December 31?

A) debit Cost of Goods Sold for $99,000 and credit Purchases for $99,000
B) debit Cost of Goods Sold for $10,000 and credit Inventory for $10,000
C) debit Inventory for $5,000 and credit Cost of Goods Sold for $5,000
D) all of the above