What is the major difference between a periodic and a perpetual inventory system? Oa. Under the periodic inventory system, the purchase of inventory will be debited to the purchases account. Ob. Under the periodic inventory system, no journal entry is made at the time of the sale of inventory for the cost of the inventory. Oc. Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month Od. All of these choices are correct.
What is the major difference between a periodic and a perpetual inventory system? Oa. Under the periodic inventory system, the purchase of inventory will be debited to the purchases account. Ob. Under the periodic inventory system, no journal entry is made at the time of the sale of inventory for the cost of the inventory. Oc. Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month Od. All of these choices are correct.
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...
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What is the major difference between a periodic and a perpetual inventory system?
Oa. Under the periodic inventory system, the purchase of inventory will be debited to the purchases account.
Ob. Under the periodic inventory system, no journal entry is made at the time of the sale of inventory for the cost of the inventory.
Oc. Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month
Od. All of these choices are correct.
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