College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 11, Problem 3DQ

Using the perpetual inventory system, what account is debited when a business finds that its physical count of inventory is greater than the recorded amount?

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Under the perpetual inventory system, in addition to making the entry to record a sale, a company would   Answer- Debit Cost Of Goods Sold And Credit Inventory.   Explain why this is the answer.
1. Using a perpetual inventory system, the entry to record the return of inventory previously purchased on account includes a: D) Credit to Sales Returns. B) Debit to Inventory. A) Debit to Cost of Goods Sold. C) Debit to Accounts Payable.
What is a periodic inventory system? What kind of businesses use periodic inventory systems?

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College Accounting (Book Only): A Career Approach

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