In a Perpetual Inventory System

Multiple Choice

In a perpetual inventory system,

A) the Inventory and Cost of Goods Sold accounts are updated once a period.
B) temporary accounts, such as Purchases and Purchase Discounts, are used.
C) the availability of computer technology is generally not considered important.
D) a purchase of goods would require a debit to Inventory and a credit to either Cash or Accounts Payable.
E) no entry is made for Cost of Goods Sold expense when goods are sold to customers.