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- updates accounting records for purchases and sales of inventory only at the end of a period
- The Purchases account is used during the period.
- The Merchandise Inventory account is updated only at the end of the period.
- The balance in the Merchandise Inventory account remains the beginning balance until the end of the period.
- The Purchase Returns and Allowances account is used during the period.
- The Purchase Discounts account is used during the period.
- Cost of goods sold is computed at the end of the period.
- when a sale is made the revenue but not the cost of goods sold is recorded
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