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Which is not true of the perpetual inventory method

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Reference no: EM132946200

Problem 1: Which of the following is not true of the perpetual inventory method?

a. Purchases are recorded as debit to the inventory account

b. The journal entry to record a sale includes a debit to cost of goods sold and a credit to inventory

c. After a physical inventory count, inventory is credited for missing inventory

d. Purchase returns are recorded by debiting accounts payable and crediting purchase returns and allowances

Reference no: EM132946200

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