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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which of the following transactions would not result in an adjustment to the inventory account under a perpetual inventory system?

a. Sale of merchandise for cash

b. Sale of merchandise on credit

c. Receipt of payment from a customer within the discount period

d. Return of merchandise by a customer

To determine

Concept introduction:

Perpetual Inventory System:

The perpetual inventory system records and updates the inventory after each and every transaction. The inventory balance is updated after each transaction and it is kept up to date at every time.

To choose:

The transaction that would not result in an adjustment to the inventory account in case of perpetual inventory system.

Explanation

Explanation for Correct answer:

c. Receipt of payment from a customer within the discount period would not result in entry of inventory account because it does not affect the inventory account.

Hence this is the correct option.

Explanation for incorrect answers:

a...

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