Multiple Choice
Using a perpetual inventory system, if Sackville Harness Shop accounting records show an ending inventory balance of $43,000 and a physical count shows a balance of $45,000, it is necessary to
A) debit your inventory records to adjust to actual.
B) purchase additional inventory.
C) credit sales.
D) credit Purchase Returns and Allowances.
Correct Answer:

Verified
Correct Answer:
Verified
Q154: An increase in sales will always increase
Q155: Gross profit for a merchandising concern is
Q156: In a perpetual inventory system, the Merchandise
Q157: If a company determines cost of goods
Q158: Using a perpetual inventory system, the cost
Q160: Gross profit margin is net sales divided
Q161: When recording a return of a credit
Q162: Listed below are various accounts:<br>1. Merchandise Inventory<br>2.
Q163: Operating expenses are<br>A) expenses incurred to pay
Q164: On the income statement, a merchandiser would