Prepare journal entries for the following transactions for HO Train Shop applying the perpetual inventory system. Omit explanations.
Correct Answer:
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Q12: The return of merchandise was recorded as
Q18: Under the perpetual system,the purchase of merchandise
Q27: Given the following accounts:
[1] Cash
[2] Accounts receivable
[3] Merchandise inventory
[4] Supplies
[5] Accounts payable
[6] Sales
[7] Sales
Q27: Journalize the following assuming periodic inventory.
Q29: Only periodic systems must take a physical
Q30: When merchandise is sold,the perpetual inventory system
Q32: Given the following accounts:
[1] Cash
[2] Accounts receivable
[3] Merchandise inventory
[4] Supplies
[5] Accounts payable
[6] Sales
[7] Sales
Q33: Merchandise Inventory is an expense account.
Q35: Under the _ inventory system,cost of goods
Q37: The _ system of accounting for inventory
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