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