Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system? (A) Merchandise Inventory (B) Sales (C) Sales Returns and Allowances (D) Accounts Payable (E) Purchases

Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system? (A) Merchandise Inventory (B) Sales (C) Sales Returns and Allowances (D) Accounts Payable (E) Purchases

Name: Which of the following accounts is used in the periodic inventory syst
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Description: Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system?(A) Merchandise Inventory(B) Sales(C) Sales Returns and Allowances(D) Accounts Payable(E) Purchases

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

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
In which section of a Classified Balance Sheet would Merchandise Inventory appear?
why both the "beginning inventory" and "ending inventory" figures both appear on the Income Statement of the worksheet for the Periodic Inventory Method.
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.
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In the periodic inventory system, all purchases of merchandise during the period is recorded on what account?
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What financial statement is merchandise inventory reported on, and in what section?
Discuss how discounts are recorded in a perpetual inventory system, and compare how discounts are recorded in a periodic inventory system.
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.