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FAD Company Uses a Periodic Inventory System and Its Inventory

Question 54

Multiple Choice

FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: The journal entry necessary at the end of the period to adjust cost of goods sold for the ending inventory still on hand will include which of the following? A) Debit Inventory for $6,250. B) Credit Cost of Goods Sold for $11,250. C) Debit Purchases for $11,250. D) Credit Inventory for $6,250. The journal entry necessary at the end of the period to adjust cost of goods sold for the ending inventory still on hand will include which of the following?


A) Debit Inventory for $6,250.
B) Credit Cost of Goods Sold for $11,250.
C) Debit Purchases for $11,250.
D) Credit Inventory for $6,250.

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