When using the periodic inventory control system, which general ledger account is used to record the purchases of inventory during the financial year?Select one:a.Purchases returnsb.Cost of salesc.Purchasesd.Inventory

LO 6.7 Which of the following accounts are used when recording a purchase using a periodic inventory system?Choose one answer from the options below.A. cash, purchasesB. accounts payable, salesC. accounts payable, accounts receivableD. cash, merchandise inventory

Summarize a periodic inventory system by selecting all of the correct statements below.Multiple select question.The Purchases account is used during the period.The Purchase Discounts account is used during the period.The Purchase Returns and Allowances account is used during the period.When a company records a sale, it also records the cost of the goods sold.The Merchandise Inventory account is updated every time a sale is made.Cost of goods sold is computed at the end of the period.The balance in the Merchandise Inventory account remains the beginning balance until the end of the period.The Merchandise Inventory account is updated only at the end of the period.

Under the periodic inventory system, the account debited to record the cost of merchandise purchased is*a. Purchasesb. Purchase Discountc. Merchandise Inventoryd. Purchase returns and allowances

Under a perpetual inventory system, which of the following accounts would be used to record purchases? Group of answer choices Sales Purchases Cost of Sales Inventory

In the periodic inventory system, the purchase of inventory on credit is accounted for as follows:a.Debit purchases, Credit Inventory.b.Debit purchases, Credit Cash.c.Debit inventory, Credit Creditors.d.Debit purchases, Credit creditor