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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

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?

To determine

Explain which account is debited when the physical count of inventory is greater than the recorded amount.

Explanation

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the inventory perpetually throughout the year, is referred to as perpetual inventory system...

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