Question: When a periodic inventory system is used, A. O B. O C. O D. the process for closing the Income Summary and Dividends accounts differs

When a periodic inventory system is used, A. O B. O

When a periodic inventory system is used, A. O B. O C. O D. the process for closing the Income Summary and Dividends accounts differs from the process used in the perpetual inventory system an adjusting entry is needed to record the ending Merchandise Inventory account balance beginning Merchandise Inventory, Purchases, and Freight In accounts are closed via the Income Summary Account there is no need to take a physical count of inventory

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