Question

how is the sale of merchandise inventory on credit recorded in periodic system

Answer 1

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□ Under periodic inventory procedure, companies do not use the Merchandise Inventory account torecord each purchase and sale of merchandise.

□ Instead, a company corrects the balance in theMerchandise Inventory account as the result of a physical inventory count at the end of the accounting period.

Answer 2

Answer:

Under periodic inventory procedure, companies do not use the Merchandise Inventory account to record each purchase and sale of merchandise. Instead, a company corrects the balance in the Merchandise Inventory account as the result of a physical inventory count at the end of the accounting period.