Assuming the Use of the Perpetual Inventory Method Which of These

Multiple Choice

Assuming the use of the perpetual inventory method which of these entries would be a closing entry at the end of the accounting period?

A) Debit Inventory; credit Profit and Loss Summary
B) Debit Profit and Loss Summary; credit Inventory
C) Debit Profit and Loss Summary; credit Purchases
D) Debit Profit and Loss Summary; credit Cost of Sales