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Under a perpetual inventory system, all purchases of merchandise are debited to the account

A. Merchandise inventory

B. Cost of merchandise sold

C. Cost of merchandise available for sale

D. Purchases

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Deanna Hettinger
Deanna HettingerLv2
17 Apr 2020
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Related questions

The journal entry for the purchase of inventory on the account using the perpetual inventory system is

A. Debit purchases and credit account payable

B. Credit purchases and debit account payable

C. The subtraction of merchandise inventory and account payable.

D. Credit both purchases and account payable

Which of the following is a characteristic of a perpetual inventory system?

  1. Inventory purchases are debited to the inventory

  2. Inventory records are not kept for every item

  3. Cost of goods sold is recorded for each sale

  4. Cost of goods sold is determined as the number of purchases

The primary difference between a periodic and perpetual inventory system is that a periodic system

A. The reported amount of ending inventory is higher under the periodic system.

B.  The perpetual system maintains a continual record of inventory transactions, whereas the periodic system records these transactions only at the end of the period.

C.  The reported amount of sales revenue is higher under the periodic inventory system.

D.  The reported amount of cost of goods sold is higher under the perpetual inventory

 

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