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Name: Why do companies that use perpetual inventory systems alsotake an annu
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Description: Why do companies that use perpetual inventory systems alsotake an annual physical inventory? When is this physicalinventory usually taken? Why?

Business

Accounting

Why do companies that use perpetual inventory systems alsotake an annual physical inventory? When is this physicalinventory usually taken? Why?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3DQ: Using the perpetual inventory system, what account is debited when a business finds that its...

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Under the periodic inventory system, what account is debited when an estimate is made for the cost of merchandise inventory sold this year, but expected to be returned next year? (a) Estimated Returns Inventory (b) Sales Returns and Allowances (c) Merchandise Inventory (d) Customer Refunds Payable
Using the perpetual inventory system, what account is debited when a business finds that its physical count of inventory is greater than the recorded amount?
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