Which account is not used with a perpetual inventory system

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Reference no: EM132825035

Problem 1: Which account is not used with a perpetual inventory system?

A) Sales Returns and Allowances

B) Purchase Returns and Allowances

C) Inventory

D) Cost of Goods Sold

Problem 2: The sales journal is used for

A) recording cash receipts.

B) recording purchases of merchandise.

C) recording credit sales.

D) recording cash sales.

Problem 3: Periodic inventory systems require updating of the inventory account

A) after each sale.

B) after each purchase.

C) only at the end of a period.

D) on a daily basis.

Reference no: EM132825035

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