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True or false?

True or false? After selling an item that cost the company $100 to purchase, cost of goods sold should be debited for $100 if the company uses a periodic inventory system.

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False. It should... View the full answer

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The solution is... View the full answer

The answer to this question... View the full answer

Here is the answer... View the full answer

False Under periodic inventory system when the goods are purchased , Purchases a/c should be debited .... View the full answer

Periodic inventory system: Periodic inventory system is a system of inventory which... View the full answer

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