Problem: In a periodic inventory system, one entry usually is made to record each sales transaction. The purpose of this entry are best described as follows: a. The entry recognizes the sales revenue b. The entry records the reduction of inventory c. The entry records the cost of goods sold e. The entry updates the subsidiary ledger.

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In a periodic inventory system, one entry usually is made to record each sales transaction. The purpose of this entry are best described as follows:

a. The entry recognizes the sales revenue

b. The entry records the reduction of inventory

c. The entry records the cost of goods sold

e. The entry updates the subsidiary ledger.

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Based on our data, we think this problem is relevant for Professor Cainas' class at USF.