In the periodic inventory system,the Inventory account is debited for the purchases made during the year.

Question

Quizplus · Accepted Answer

In the periodic inventory system, the Inventory account is not debited for the purchases made during the year. Instead, purchases are recorded in a separate Purchases account, and the Inventory account is adjusted at the end of the period to reflect the cost of goods sold and the ending inventory.

In the Periodic Inventory System,the Inventory Account Is Debited for the Purchases