Which of the following account titles is normally used in a periodic inventory system?

Question

Quizplus · Accepted Answer

In a periodic inventory system, all of these account titles are used. "Transportation-in" accounts for the cost of getting inventory to a location, "Purchases" records the total cost of purchases made during the period, and "Purchase Returns and Allowances" accounts for any reductions in the cost of purchases due to returns or allowances.

Which of the Following Account Titles Is Normally Used in a Periodic