In a perpetual inventory system,the Merchandise Inventory account is updated:
A) at the end of the accounting period.
B) once each month.
C) when merchandise is purchased.
D) The account never needs updating.
Correct Answer:
Verified
Q34: Inventory purchases are entered in the Merchandise
Q35: Under the _ inventory system,cost of goods
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Q41: Given the following accounts:
[1] Cash
[2] Accounts receivable
[3] Merchandise inventory
[4] Supplies
[5] Accounts payable
[6] Sales
[7] Sales
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