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Define general ledger account purchases

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A merchandising firm using the periodic system of inventory recording:

Records all its inventory acquisitions in a General Ledger account "Purchases" and any unsold inventory at end of period shows on the Balance Sheet as "Purchases"None of the above statements are correctrecords all of its inventory acquisitions in a general Ledger account "Inventory" and any unsold inventory at end of period shows on the Balance Sheet as "Inventoryrecords all of its inventory acquisitions in a general Ledger account "Purchases" and any unsold inventory at end of period shows on the Balance Sheet as "Inventory"records all of its inventory acquisitions in a general Ledger account "Inventory" and any unsold inventory at end of period shows on the Balance Sheet as "Purchases"

Reference no: EM131746512

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