Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system?

A) Merchandise Inventory
B) Sales
C) Sales Returns and Allowances
D) Accounts Payable
E) Purchases

Periodic Inventory System

A method of inventory valuation where updates to the count are made on a periodic basis, typically at the end of an accounting period.

Perpetual Inventory System

An accounting method that records inventory transactions in real-time, allowing for continuous tracking of inventory levels.

Purchases

Refers to the buying of goods and services by a business for use or sale.