Under the periodic inventories approach, an appropriate journal entry to measure closing inventories would be: a. DR Opening irventories (cost of goods sold expense)
$\quad$ CR Irventories (asset)
b. DR Purchases (expense)
$\quad$ CR Irventories (asset)
c. DR Irventories (asset)
$\quad$ CR Closing irventories (cost of goods sold expense)
d. DR Purchases returns (cost of goods sold expense)
$\quad$ CR Irventories (asset)

Question

Under the periodic inventories approach, an appropriate journal entry to measure closing inventories would be: a. DR Opening irventories (cost of goods sold expense)

\quad

CR Irventories (asset)
b. DR Purchases (expense)

\quad

CR Irventories (asset)
c. DR Irventories (asset)

\quad

CR Closing irventories (cost of goods sold expense)
d. DR Purchases returns (cost of goods sold expense)

\quad

CR Irventories (asset)

Babatunde Fadoju · Accepted Answer

Final Answer : C

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