Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual
inventory system?
A: Stores that use periodic inventory accounting update their inventory balances periodically. [ [ This inventory method has been used before the introduction of point-of-sales scanners and inventory systems, in which stores found it easier to update their inventory balances periodically instead of trying to account for every item sold on a daily basis. Perpetual inventory accounting, on the
other hand, records EACH sale of merchandise and places an entry in the company's inventory account. The introduction of point-of-sale systems and computers greatly advanced the use of the the perpetual inventory system. This system also immediately reduces sold inventory from stock and adds inventory back to stock when a customer returns merchandise. ] ]
Expert answered|kraju|Points 30|
Question
Asked 10/30/2012 9:13:06 AM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
26,402,492 questions answered
Weegy Stuff
S
P
P
L
P
P
P
Points 131 [Total 1867] Ratings 3 Comments 101 Invitations 0 Offline
S
Points 73 [Total 84] Ratings 5 Comments 23 Invitations 0 Online
S
Points 30 [Total 30] Ratings 3 Comments 0 Invitations 0 Offline
S
Points 16 [Total 16] Ratings 0 Comments 6 Invitations 1 Offline
S
L
Points 15 [Total 112] Ratings 0 Comments 15 Invitations 0 Offline
S
Points 11 [Total 11] Ratings 1 Comments 1 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 5 [Total 5] Ratings 0 Comments 5 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.