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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.
What is theMerchandise Inventory?
Merchandise Inventory is a stock of products on hand of a merchandise company intended for sale.
Is merchandise the same as inventory?
Merchandise and inventory are related concepts but not exactly the same. Merchandise refers specifically to the goods that a business buys for resale to customers, while inventory encompasses all items a company holds for sale, including raw materials, work-in-progress, and finished goods. Therefore, all merchandise is part of inventory, but not all inventory is merchandise.
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
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
Merchandise Inventory is found on the income statement. True or false?
It is true that merchandise Inventory is found on the income statement.
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
How do you spell inventory?
That is the correct spelling of the word "inventory" (stock of merchandise).
