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Welcome to Online Advantage with Professor Gonzalez. Today, we are discussing periodic inventory and the period end adjusting entries. With periodic inventory, the inventory account is not adjusted during the period, only at the end. Looking at the general ledger using t-accounts, we see that inventory balance is $2,000 (beginning balance). Purchases go to a purchases account, while freight goes to a freight account as part of the cost. Purchase discounts and returns have separate accounts. When selling inventory, we do not adjust the inventory account, but hit sales and cash/accounts receivable instead.
