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.

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?

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.

when taking inventory all merchandise held on consignment is _______

What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?

Which of the following statements is true for a company that uses a periodic inventory system? a.The purchase of inventory requires a debit to Inventory. b.The return of defective inventory requires a debit to Purchase Returns and Allowances. c.The payment of a purchase within the discount period requires a credit to Purchase Discounts. d.Any amounts paid for freight are debited to Inventory.