Q4 A company using a perpetual inventorysystem that returns goods previouslypurchased on credit woulda. Debit Cash and credit AccountsPayable.b. Debit Sales and credit AccountsPayable.Debit Accounts Payable and creditMerchandise Inventory.d. Debit Accounts Payable and creditPurchases.

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Description: Q4 A company using a perpetual inventorysystem that returns goods previouslypurchased on credit woulda. Debit Cash and credit AccountsPayable.b. Debit Sales and credit AccountsPayable.Debit Accounts Payable and creditMerchandise Inventory.d. Debit Ac

Perpetual inventory system is an inventory tracking system in which sales and purchases are recorded…

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Business

Accounting

perpetual inventory

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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A company using a perpetual inventory
system that returns goods previously
purchased on credit would
a. Debit Cash and credit Accounts
Payable.
b. Debit Sales and credit Accounts
Payable.
Debit Accounts Payable and credit
Merchandise Inventory.
d. Debit Accounts Payable and credit
Purchases.

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