Question: When using the periodic inventory system, the first closing entry will include a a. debit to Merchandise Inventory equal to the beginning-of-period inventory balance. b.

When using the periodic inventory system, the first closing entry will include a

a. debit to Merchandise Inventory equal to the beginning-of-period inventory balance.
b. debit to Income Summary equal to the beginning-of-period inventory balance.
c. debit to Merchandise Inventory equal to the end-of period physical inventory amount.
d. debit to Purchases equal to the end-of period physical inventory amount.

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