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.
The post-closing trial balance shows the net income for the period just ended.
In a periodic inventory system, the “cash register at the store is a computer terminal that records sales and updates inventory records.
O False. Get Finance homework help today
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