Previous credit purchases

by | Sep 4, 2021 | Assignment Help

1. Which of the following would NOT be used to pay for previous credit purchases under the periodic system?a. Debit to Accounts Payableb. Credit to Purchase Discountsc. Credit to Accounts Payable2. Under the periodic inventory system, in addition to making the entry to record a sale, a company woulda. debit Merchandise Inventory and credit Cost of Goods Soldb. debit Cost of Goods Sold and credit Purchasesc. make no additional entry

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