A company using a perpetual inventory system that returns goods to the supplier that were previously purchased on credit would: A. debit Accounts payable & credit Inventory. B. debit Cash & credit Accounts payable. C. debit Inventory & credit Accounts payable. D. debit Sales & credit Accounts payable.

The journal entry to record a return of inventory purchased on account under a perpetual inventory system would credit: Group of answer choices Accounts Payable. Purchase Returns and Allowances. Sales Revenue. Inventory.

Under a perpetual inventory system, acquisition of merchandise for resale is debited to:Group of answer choicesthe Cost of Sales account.the Purchases account.the Supplies account.the Inventory account.

Under a periodic inventory system, the Merchandise Inventory account is debited when goods are purchased for resale and credited when goods are sold and delivered to customers

Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on credit includes:Multiple Choicea debit to Purchases and a credit to Accounts Payable.a debit to Accounts Payable and a credit to Purchases.a debit to Purchases and a credit to Accounts Receivable.a credit to Purchases and a credit to Accounts Payable.

Perpetual inventory system involves .a.bill of material and material requisition.b.bincard and stores ledger.c.purchase requisition and purchase order.d.inward and outward invoices.