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The Journal Entry to Close Out Beginning Inventory Under the Periodic

Question 56

Multiple Choice

The journal entry to close out beginning inventory under the periodic inventory system is:


A) debit Purchases and credit Cost of Goods Sold.
B) debit Purchases and credit Inventory.
C) debit Inventory and credit Cost of Goods Sold.
D) debit Cost of Goods Sold and credit Inventory.

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