Asked Feb 16, 2019

Recording Inventory Activities
Perpetual System
Question 1: Shipped merchandise that cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days.

Dr Account Dr Amount

Cr Account Cr Amount

Dr Account Dr Amount

Cr Account Cr Amount


Expert Answer

Step 1

Under Perpetual Inventory method, the cost of goods sold is recorded simultaneously along with each...


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