3. The adjusting entry for beginning inventory when a periodic inventory system

Question

3.         The adjusting entry for beginning inventory when a periodic inventory system is used:

a.   debits beginning inventory and credits income summary

b.   debits beginning inventory and credits ending inventory

c.   debits ending inventory and credits beginning inventory

d.   debits income summary and credits beginning inventory

4.         The adjusting entry for ending inventory when a periodic inventory system is used:

a.   debits beginning inventory and credits income summary

b.   debits beginning inventory and credits ending inventory

c.   debits ending inventory and credits beginning inventory

d.   debits income summary and credits beginning inventory

Explanation / Answer

3    The adjusting entry for beginning inventory when a periodic inventory system is used debits income summary and credits beginning inventory 4 The adjusting entry for ending inventory when a periodic inventory system is used debits ending inventory and credits income summary

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