Under the Periodic Inventory Approach an Appropriate Journal Entry to Measure

Multiple Choice

Under the periodic inventory approach an appropriate journal entry to measure closing inventory is:

A) DR Opening inventory (cost of goods sold expense) CR Inventory (asset) ;
B) DR Purchases (expense) CR Inventory (asset) ;
C) DR Inventory (asset) CR Closing inventory (cost of goods sold expense) ;
D) DR Purchases returns (cost of goods sold expense) CR Inventory (asset) .