1. Under the perpetual inventory system, in addition to making the entry to record a sales return, a company would a. make no additional entry until the end of the period. b. debit Cost of Goods Sold and credit Purchases. c. debit Cost of Goods Sold and credit Merchandise Inventory. d. debit Merchandise Inventory and credit Cost of Goods Sold.
1. Under the perpetual inventory system, in addition to making the entry to record a sales return, a company would a. make no additional entry until the end of the period. b. debit Cost of Goods Sold and credit Purchases. c. debit Cost of Goods Sold and credit Merchandise Inventory. d. debit Merchandise Inventory and credit Cost of Goods Sold.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...
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