Under a perpetual inventory system, acquisition of merchandise for resale is debited to thePurchases account.Supplies account.Inventory account.Cost of Goods Sold account.

Inventory accountExplanation:Under a perpetual inventory system, acquisition of merchandise for…

Answered: Under a perpetual inventory system,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Describe the journal entries when recording a sale of inventory using the periodic inventory system.
Under the perpetual inventory system, in addition to making the entry to record a sale, a company would a. Debit Merchandise Inventory and Credit to Cost of Goods Sold. b. Debit to Cost of Goods Sold and credit to Merchandise Inventory c. Deb it to Cost of Goods Sold and credit to purchases d. No entry
The Inventory account is used in each of the following except the entry to record payment of freight on goods sold. goods purchased on account. the return of goods purchased. payment within the discount period.
Subject :- Account
If each purchase and sale of merchandise is recorded in the inventory and the cost of merchandise sold accounts, the method of accounting for merchandise inventory is the: A perpetual method. B) periodic method. C) gross profit method. D) administrative method.
When the buyer pays the freight costs, the entry to record the payment under a perpetual inventory system would include a debit to _______. Question content area bottom Part 1 A. Freight In B. Inventory C. Purchases Discounts D. Delivery Expense
Under a perpetual inventory system, acquisition of inventory is dented to the purchases account. True or false?
In the periodic inventory system, all purchases of merchandise during the period is recorded on what account?
Which of the following is a difference between the periodic inventory system and the perpetual inventory system? a. The Merchandise Inventory account is used under the perpetual inventory system but not under the periodic inventory system. Ob. The Purchases account is used under the periodic inventory system but not under the perpetual inventory system. c. The Merchandise Inventory account is used under the periodic inventory system but not under the perpetual inventory system. Od. The Purchases account is used under the perpetual inventory system but not under the periodic inventory system.
Describe the recording process for purchases of merchandise inventory using a Perpetual inventory system.
when taking inventory all merchandise held on consignment is _______
The journal entry to record the payment of freight cost under the perpetual inventory system is as follows: Debit Merchandise Inventory and Credit Accounts Payable. True or False

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Under a perpetual inventory system, acquisition of merchandise for resale is debited to the Purchases account. Supplies account. Inventory account. Cost of Goods Sold account.