Question 7 If a company uses a perpetual inventory system, it will maintain all the following...
Question 7
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If a company uses a perpetual inventory system, it will maintain all the following accounts except:
purchases.
inventory.
sales.
cost of goods sold.
All of the above accounts are used with a perpetual inventory system.
Homework Answers
Purchases account is not maintained.
In perpetual inventory system, all purchases are record in inventory account as and when purchase.
When sold, debit cost of goods sold and credit given to inventory account.
Sales account is used to account sales.
Hence, purchase account is not maintained in perpetual inventory system.
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Question 7
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Type or paste question
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