Under the perpetual system of inventory, the Inventory account is debited at each purchase and credited at each sale. Why is it recommended that a business still do an inventory count once in a while?
Under the perpetual system of inventory, the Inventory account is debited at each purchase and credited at each sale. Why is it recommended that a business still do an inventory count once in a while?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3DQ: Using the perpetual inventory system, what account is debited when a business finds that its...
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- Under the perpetual system of inventory, the Inventory account is debited at each purchase and credited at each sale. Why is it recommended that a business still do an inventory count once in a while?
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