The Ending Merchandise Inventory (Using the Periodic System) Is Placed

Multiple Choice

The ending merchandise inventory (using the periodic system) is placed on the books by an adjusting entry

A) debiting Merchandise Inventory and crediting Sales.
B) debiting Income Summary and crediting Merchandise Inventory.
C) debiting Merchandise Inventory and crediting Income Summary.
D) debiting Purchases and crediting Merchandise Inventory.
E) debiting Merchandise Inventory and crediting Purchases.