Under the Periodic Inventory Approach an Appropriate Journal Entry to Measure

Under the periodic inventory approach an appropriate journal entry to measure closing inventory is:

A)
DR Opening inventory (cost of sales expense)
CR Inventory (asset) ;
B)
DR Purchases (expense)
CR Inventory (asset) ;
C)
DR Inventory (asset)
CR Closing inventory (cost of sales expense) ;
D)
DR Purchases returns (cost of sales expense)
CR Inventory (asset) .

Correct Answer:

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