The main difference in the sales journal under the perpetual and periodic inventory system is:
A) The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic.
B) The sales tax receivable column that is used under the perpetual system but not the periodic.
C) The sales tax payable column that is used under the perpetual system but not the periodic.
D) The accounts receivable column that is used under the perpetual system but not the periodic.
E) The column for recording cash that is used under the perpetual system but not the periodic.

Question

Quizplus · Accepted Answer

The main difference in the sales journal under perpetual and periodic inventory systems is that the perpetual system has a column to record the cost of goods sold and inventory amounts sold, which is not present in the periodic system. Under the periodic system, the cost of goods sold is calculated after a physical inventory count is conducted, and the sales journal only records the sales amounts.

The Main Difference in the Sales Journal Under the Perpetual