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Which of the Following Accounts Would Be Included in the Chart

Question 220

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Which of the following accounts would be included in the chart of accounts of a merchandising company using the: periodic inventory system, perpetual inventory system, or both systems?

Premises:
Freight In
Sales Returns and Allowances
Cost of Merchandise Sold
Sales Discounts
Merchandise Inventory
Sales
Purchases Discounts
Delivery Expense
Responses:
both systems
periodic inventory system
perpetual inventory system

Correct Answer:

Freight In
Sales Returns and Allowances
Cost of Merchandise Sold
Sales Discounts
Merchandise Inventory
Sales
Purchases Discounts
Delivery Expense
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