Q-mart uses the per1odic Inventory system. A physical count of inventory revealed It had $6,000 of inventory remaining at year end

Q-mart uses the per1odic Inventory system. A physical count of inventory revealed It had $6,000 of
inventory remaining at year end. Given the partial list of accounts below, the entry to close the
temporary credit balance accounts and update the Merchandise Inventory account would Include al/
of the following. (Check all that apply.)
Account Debit Credit
Sales $20,000
Purchase Discounts $1,000
Merchandise Inventory (Beg. Balance) $5,000
owner, Capital $10,000

Debit Merchandise Inventory (ending balance) $6,000.
Credit Sales for $20,000.
Debit Purchase Discounts $1,000.
Credit Purchases Discounts for $1,000.
Credit Merchandise Inventory (ending bale nee) $6,000.
Debit Sales $20,000. 


LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17,
it purchased $1,000 of merchandise with terms of 2/5,n/60. If payment is made on November 21,
demonstrate the required journal entry to record the payment by selecting a/I of the correct actions

below. (Check all that apply.)


Credit Accounts Payable $1,000.
Credit Cash $980.
Credit Purchase Discounts $20.
Credit Cash $1,000.
Debit Accounts Payable $1,000.
Debit Purchase Discounts $20.
Credit Merchandise Inventory $20.