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PRINTER VERSION Practice Question 55 Which of the following statements is correct? A company which...

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PRINTER VERSION Practice Question 55 Which of the following statements is correct? A company which uses a periodic inventory system needs only one journal entry when it sells merchandise. A company which uses a periodic inventory system needs two journal entries when it sells merchandise. O A company which uses a periodic inventory system debits Cost of Goods Sold and credits Inventory when it sells merchandise. O None of the answer choices are correct. Click If you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE FOR LATER

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