Under the perpetual inventory system, which of the following accounts would not be used?
A)Sales
B)Purchases
C)Cost of Goods Sold
D)Merchandise Inventory

Name: Under the perpetual inventory system, which of the following accounts would not be used? A)Sales B)Purchases C)Cost of Goods Sold D)Merchandise Inventory
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Question

Quizplus · Accepted Answer

Under the perpetual inventory system, the "Purchases" account is not used because inventory purchases are directly recorded in the "Merchandise Inventory" account.

Under the Perpetual Inventory System, Which of the Following Accounts