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H3Ko H3Ko
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8 years ago
When a periodic inventory system is used, ________.
A) there is no need to take a physical count of inventory
B) the process for closing the Income Summary and Dividends accounts differs from the process used in the perpetual inventory system
C) an adjusting entry is needed to record the ending Merchandise Inventory account balance
D) beginning Inventory, Purchases, and Freight In accounts are closed via the Income Summary Account
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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8 years ago
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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#3
7 years ago
Excellent Slight Smile
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