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Under the Periodic Inventories Approach, an Appropriate Journal Entry to Measure

Question 23

Short Answer

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)

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