When using a perpetual inventory system, the journal entry to record the Cost of Merchandise Sold is a. debit Cost of Merchandise Sold; credit Merchandise Inventory b. debit Merchandise Inventory; credit Cost of Merchandise Sold C. debit Cost of Merchandise Sold; credit Sales Od. No journal entry is made to record the Cost of Merchandise Sold.

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

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

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

The Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a periodic system. Describe the differences between the two systems in accounting for the following events: (1) purchase of merchandise, (2) sale of merchandise, (3) return of merchandise to supplier, and (4) payment of freight charge on merchandise purchased. Indicate which inventory-related accounts would be debited or credited for each event.

When merchandise is bought for​ resale, which of the following accounts would be​ increased?   A. Accounts Payable   B. Supplies Expense   C. Store Equipment   D. Merchandise Inventory