Q29 Under the perpetual inventory system, inaddition to making the entry to record a sale,a company woulda. Debit Cost of Goods Sold and creditPurchases.b. Debit Inventory and credit Cost ofGoods Sold.Debit Cost of Goods Sold and creditMerchandise Inventory.d. Make no additional entry until theend of the period.

In Perpetual inventory system, inventory gets updated on real time basis which means inventories are…

Answered: Under the perpetual inventory system,…

Business

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Under the perpetual inventory system, in addition to making the entry to record a sale, a company would

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 2TF: Under the periodic inventory system, the ending inventory is entered by debiting Merchandise...

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Question

Q29

Under the perpetual inventory system, in
addition to making the entry to record a sale,
a company would
a. Debit Cost of Goods Sold and credit
Purchases.
b. Debit Inventory and credit Cost of
Goods Sold.
Debit Cost of Goods Sold and credit
Merchandise Inventory.
d. Make no additional entry until the
end of the period.

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