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Description: Under periodic accounting system, when merchandize is sold, entry is posted in which account? * (a) Cost of Sales (b) Purchases (c) Inventory (d) None

Business

Accounting

Under periodic accounting system, when merchandize is sold, entry is posted in which account? * (a) Cost of Sales (b) Purchases (c) Inventory (d) None

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 1QY: Which of the following is true about the Sales Returns and Allowances account? a. It is used to...

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