Periodic Inventory System Assignment

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    Periodic Inventory System Assignment

    Periodic Inventory System Assignment A merchandiser purchased inventory on account for $17.000. In a periodic inventory system, the journal entry to record the purchase would include O A. a debit to Accounts Payable for $17,000 and a credit to Merchandise Inventory for $17.000 OB. a debit to Purchases for $17,000 and a credit to Accounts Payable for $17,000 OC, a debit to Accounts Payable for $17,000 and a credit to Purchases for $17,000 O D. a debit to Merchandise Inventory for $17.000 and a credit to Accounts Payable for $17.000 Inventory turnover is computed by dividing average merchandise inventory by cost of goods sold. O True O False The post-closing trial balance shows the net income for the period just ended. O True O False In a periodic

    Periodic Inventory System Assignment

    Periodic Inventory System AssignmentA merchandiser purchased inventory on account for $17.000. In a periodic inventory system, the journal entry to record the purchase would include
    O A. a debit to Accounts Payable for $17,000 and a credit to Merchandise Inventory for $17.000
    OB. a debit to Purchases for $17,000 and a credit to Accounts Payable for $17,000
    OC, a debit to Accounts Payable for $17,000 and a credit to Purchases for $17,000
    O D. a debit to Merchandise Inventory for $17.000 and a credit to Accounts Payable for $17.000
    Inventory turnover is computed by dividing average merchandise inventory by cost of goods sold.
    O True
    O False
    The post-closing trial balance shows the net income for the period just ended.
    O True
    O False
    In a periodic inventory system, the “cash register at the store is a computer terminal that records sales and updates inventory records.
    O True
    O False. Get Finance homework help today