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…

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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

Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payable
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.
What is the name of the account used to record sales of merchandise inventory? Multiple Choice Sales Returns and Allowances Sales Fees Income Accounts Receivable
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.
The account used to adjust the perpetual inventory records when a difference exists between the physical count and the amount in the perpetual inventory records is called a. Inventory Short and Over. b. Estimated Returns Inventory. c. Inventory Shrinkage. d. Merchandise Inventory
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
The amount recorded for net cost of purchases includes all of the following EXCEPT: Purchase discounts. Freight costs paid by the seller. Returns and allowances. Freight costs paid by the buyer.
What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?

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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.