When a Periodic Inventory System Is Used,________

Multiple Choice

When a periodic inventory system is used,________.

A) an adjusting entry is needed to record the ending Merchandise Inventory account balance
B) the process for closing the Income Summary account differs from the process used in the perpetual inventory system
C) beginning Merchandise Inventory, Purchases, and Freight In accounts are closed via the Income Summary Account
D) there is no need to take a physical count of inventory