Under a perpetual inventory system: Group of answer choices accounting records continuously record the movement of inventory as it occurs. increases in inventory resulting from purchases are debited to purchases. there is never a need for a year-end physical count. the account purchase returns and allowances is credited when goods are returned to vendors.

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.

In a perpetual inventory system a physical inventory count is: Group of answer choices undertaken periodically to check the accuracy of the perpetual inventory system records. never required as inventory records are continuously updated. to identify losses or theft of inventory. to identify losses or theft of inventory and undertaken periodically to check the accuracy of the perpetual inventory system records.

Under a perpetual inventory system, which of the following accounts would be used to record purchases? Group of answer choices Sales Purchases Cost of Sales Inventory

A buyer would record a payment within the discount period under a perpetual inventory system by creditingGroup of answer choicesAccounts Payable.Merchandise Inventory.Purchase Discounts.Sales Discounts.

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