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When merchandise purchased on account is returned under the perpetual inventory system the buyer would debit Merchandise Inventory?
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When using a perpetual inventory system why are discounts credited to merchandise inventory?
The discounts reduce the cost of the merchandise inventory.
Under a perpetual inventory system acquisition of merchandise for resale is debited to?
Merchandise Inventory account
What inventory system uses the merchandise inventory as an active account?
Perpetual
In a perpetual inventory system a return of defective merchandise by a purchaser is recorded by crediting what?
inventory
When the perpetual inventory system is used the inventory sold is shown on the income statement as?
cost of merchandise sold.
When using a perpetual inventory system why are discounts credited to merchandise inventory?
The discounts reduce the cost of the merchandise inventory.
Under a perpetual inventory system acquisition of merchandise for resale is debited to?
Merchandise Inventory account
What inventory system uses the merchandise inventory as an active account?
Perpetual
In a perpetual inventory system a return of defective merchandise by a purchaser is recorded by crediting what?
inventory
When the perpetual inventory system is used the inventory sold is shown on the income statement as?
cost of merchandise sold.
When merchandise is returned under the perpetual inventory system the buyer would credit a. Accounts Payable b. Merchandise Inventory c. Purchases Returns and Allowances...?
The Buyer would likely perform the following transaction: DR- Account Receivable CR - Merchandise Inventory The Buyer would probably debit CASH if they receive CASH from the Seller instead of having to WAIT on it. The Merchandise Seller would perform the following transaction: DR - Merchandise Inventory CR - Accounts Payable, OR CASH
What is a difference between periodic inventory and perpetual inventory?
periodic takes place on an irregular schedule where perpetual is a constant state of inventory
Which inventory valuation model does not allow control of inventory by visual inspection?
Perpetual system Perpetual system
Is a perpetual inventory system is an effective means of control over inventory?
no
Is it necessary to take a physical inventory when using the perpetual inventory system?
Yes
What is perpetual inventory?
a thing that goes on and on
Is best buy a perpetual or periodic inventory method?
perpetual
