The special journals under the perpetual inventory system
A) Include an additional sales tax payable journal
B) Include the sales journal, cash receipts journal, purchases journal, and cash disbursements journal
C) Include an additional inventory journal
D) Include an additional cost of goods sold journal
E) Include both an additional inventory journal and an additional cost of goods sold journal

Question

Quizplus · Accepted Answer

The special journals under perpetual inventory system include the sales journal, cash receipts journal, purchases journal, and cash disbursements journal. These journals are used to record daily transactions related to sales, purchases, and cash. The perpetual inventory system keeps a continuous record of inventory balances, so there is no need for an additional inventory or cost of goods sold journal in this system.

The Special Journals Under the Perpetual Inventory System