In a periodic inventory system,purchases,purchase discounts,and purchase returns and allowances are recorded in the Merchandise Inventory account as and when they occur.

Name: In a periodic inventory system,purchases,purchase discounts,and purchase returns and allowances are recorded in the Merchandise Inventory account as and when they occur.
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Quizplus · Accepted Answer

In a periodic inventory system, purchases, purchase discounts, and purchase returns and allowances are recorded in separate accounts during the year.

In a Periodic Inventory System,purchases,purchase Discounts,and Purchase Returns and Allowances