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

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.

Under a perpetual inventory system, acquisition of inventory is dented to the purchases account. True or false?

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

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.