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inventory account

How Is A Purchase Return Recorded In A Perpetual System?

January 24, 2024 by Rachel Ostrander

How Is A Purchase Return Recorded In A Perpetual System? Under the perpetual system, purchases, purchase returns and allowances, purchase discounts, sales, and sales returns are immediately recognized in the inventory account, so the inventory account balance should always remain accurate, assuming there is no theft, spoilage, or other losses. Is purchases used in perpetual

Categories Uncategorized Tags inventory account, inventory purchase, inventory purchases, inventory records, perpetual inventory

How Do You Record Sales In A Perpetual Inventory System?

January 24, 2024 by Ahmed Ali

How Do You Record Sales In A Perpetual Inventory System? Inventory Purchase: Under perpetual inventory system, a purchase is recorded by debiting inventory account and crediting accounts payable assuming that the purchase is on credit. … Purchase Discount: … Purchase Return: … Inventory Sale: … Sales Return: Is sales used in perpetual inventory system? Under

Categories Finance and Business Tags inventory, inventory account, inventory items, inventory records, perpetual inventory

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