Introduction to Accounting

label Accounting
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schedule 1 Day
account_balance_wallet $5

Q1: In a perpetual inventory system:

a. Merchandise Inventory is debited every time inventory is purchased

b. cost of Goods Sold is debited every time inventory is sold.

c. a physical inventory is taken at least annually

d. all of the above

Feb 23rd, 2015

A,,,Perpetual inventory system updates inventory accounts after each purchase or sale. ... Debit. Credit. Merchandise Inventory. 30,000. Accounts payable. 30,000 ... Under periodic inventory system, all purchases during the accounting



Feb 23rd, 2015

I selected A on my test and it marked wrong. So it must be B, C. Or D

Feb 23rd, 2015

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Feb 23rd, 2015
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