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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

A firm is preparing to make adjusting entries at the end of the accounting period. The balance of the merchandise inventory account is $100,000. If the firm is using the perpetual inventory system, what does this balance represent?

To determine

State the merchandise inventory balance represented if the firm’s account shows $100,000 under perpetual inventory system.

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.

  • If the Merchandise inventory purchased during the current year is retur...

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