Which of the following is a difference between the periodic inventory system and the perpetual inventory system? a. The Merchandise Inventory account is used under the perpetual inventory system but not under the periodic inventory system. Ob. The Purchases account is used under the periodic inventory system but not under the perpetual inventory system. c. The Merchandise Inventory account is used under the periodic inventory system but not under the perpetual inventory system. Od. The Purchases account is used under the perpetual inventory system but not under the periodic inventory system.

Which of the following is a difference between the periodic inventory system and the perpetual inventory system? a. The Merchandise Inventory account is used under the perpetual inventory system but not under the periodic inventory system. Ob. The Purchases account is used under the periodic inventory system but not under the perpetual inventory system. c. The Merchandise Inventory account is used under the periodic inventory system but not under the perpetual inventory system. Od. The Purchases account is used under the perpetual inventory system but not under the periodic inventory system.

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 4QY: This type of inventory system does not require an entry to Merchandise Inventory until a physical...

See similar textbooks

Similar questions

This type of inventory system does not require an entry to Merchandise Inventory until a physical inventory has been taken. a. Periodic inventory system b. Perpetual inventory system c. Merchandise inventory system d. Beginning inventory system e. Ending inventory system
What is the difference in reporting requirements for customer-returned merchandise in sellable condition under a perpetual inventory system versus a periodic inventory system?
How do the perpetual and periodic inventory accounting systems differ from each other?
Under the retail inventory method, freight-in would be included in the calculation of the goods available for sale for which of the following?
Which of the following is true about the Sales Returns and Allowances account? a. It is used to record the sale of merchandise. b. It is used to record the reduction of inventory. c. It is a contra account, deducted from sales. d. It is used to record discounts for prompt payment. e. None of the above.
Under the perpetual inventory system, how does the seller record sales made on account?
When the merchandise inventory account provides a running balance of the goods on hand, which inventory system is being used? a.Perpetual inventory system b.Periodic inventory system c.Either the periodic or the perpetual inventory system, since both keep a running balance in the merchandise inventory account d.Neither the periodic nor the perpetual inventory system, since both systems do not keep a running balance in the merchandise inventory account
2. An account used in the perpetual inventory system that is not used in the periodic inventory system is a) Purchases b) Sales Returns and Allowances c) Merchandise Inventory d) Sales
Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system? (A) Merchandise Inventory (B) Sales (C) Sales Returns and Allowances (D) Accounts Payable (E) Purchases
31) What is the Adjusting journal entry to record when merchandise inventory is overstated in the accounting records under perpetual inventory system? a. Merchandise inventory Dr / Account payable Cr b. Merchandise inventory Dr / Cost of goods sold Cr c. Cost of goods sold Dr / Merchandise inventory Cr d. Account payable Dr / Merchandise inventory Cr