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  • The Following Characteristics Are Related To Either Periodic Inventory or

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    A. Purchases of inventory are journalized to an asset account at the time of purchase. (c) B. Purchases of inventory are journalized to an expense account at the time of purchase. (a) C. Inventory records are constantly updated. (b) D. Sales made require a second entry to be journalized to record cost of goods sold. (c) E. Bar code scanners that record sales transactions are most often associated with this inventory system. (b) F. A physical count of goods on hand at year end is performed. (a)

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    A. Purchases of inventory are journalized to an asset account at the time of purchase. (c) B. Purchases of inventory are journalized to an expense account at the time of purchase. (a) C. Inventory records are constantly updated. (b) D. Sales made require a second entry to be journalized to record cost of goods sold. (c) E. Bar code scanners that record sales transactions are most often associated with this inventory system. (b) F. A physical count of goods on hand at year end is performed. (a)

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    The Following Characteristics Are Related To Either Periodic Inventory or

    Uploaded by

    trilocksp Singh
    A. Purchases of inventory are journalized to an asset account at the time of purchase. (c) B. Purchases of inventory are journalized to an expense account at the time of purchase. (a) C. Inventory records are constantly updated. (b) D. Sales made require a second entry to be journalized to record cost of goods sold. (c) E. Bar code scanners that record sales transactions are most often associated with this inventory system. (b) F. A physical count of goods on hand at year end is performed. (a)

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    The following characteristics are related to either periodic

    inventory or
    The following characteristics are related to either periodic inventory or

    The following characteristics are related to either periodic inventory or perpetual inventory
    systems.
    A. Purchases of inventory are journalized to an asset account at the time of purchase.
    B. Purchases of inventory are journalized to an expense account at the time of purchase.
    C. Inventory records are constantly updated.
    D. Sales made require a second entry to be journalized to record cost of goods sold.
    E. Bar code scanners that record sales transactions are most often associated with this
    inventory system.
    F. A physical count of goods on hand at year end is performed.
    Identify each characteristic as one of the following:
    a. Periodic inventory system
    b. Perpetual inventory system
    c. Both periodic and perpetual inventory systems
    d. Neither periodic nor perpetual inventory system

    The following characteristics are related to either periodic inventory or


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