Under the perpetual inventory system,which of the following accounts would not be used?
A)Cost of Goods Sold
B)Merchandise Inventory
C)Sales
D)Purchases

Question

Quizplus · Accepted Answer

Under the perpetual inventory system, the "Purchases" account is not used. Instead, inventory purchases are directly recorded in the "Merchandise Inventory" account, which is continuously updated to reflect purchases and sales.

Under the Perpetual Inventory System,which of the Following Accounts Would