48. Which of the following statements is incorrect about perpetual inventory system? a. Inventory account is debited upon purchase b. One of the entries made to make up return of goods sold on account is Dr. inventory and Cr. cost of goods sold. c. Sales allowance granted to customer on account would require an entry debiting sales returns and allowance and crediting accounts receivable.
48. Which of the following statements is incorrect about perpetual inventory system? a. Inventory account is debited upon purchase b. One of the entries made to make up return of goods sold on account is Dr. inventory and Cr. cost of goods sold. c. Sales allowance granted to customer on account would require an entry debiting sales returns and allowance and crediting accounts receivable.
Chapter10: Inventory
Section: Chapter Questions
Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...
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