What are some reasons why a merchandiser might prefer to use a perpetual inventory system over a periodic inventory system?
Answer to relevant QuestionsWhat do the terms 2/10, n/30 mean? If you were advising a company who bought goods under these terms, what would you advise it to do with respect to payment? Why? The accounting records for ADR, Inc. reflected the following amounts at the end of August 2013: Cash ............ $3,500 Total Operating Expenses ... 3,700 Accounts Payable ..... 4,500 Total Shareholders’ ...Journalize the following transactions, using (1) the perpetual system and (2) the periodic inventory system, for the Jazz Man music store. a. Purchased $8,700 of merchandise on account, terms 2/10, n/30, FOB ship-ping ...Journalize the following transactions for Amazing Audio, Inc. that occurred during the month of March, using (1) the perpetual inventory system, and (2) the periodic inventory system. Omit explanations. Mar 3 Purchased ...Sunny Day Sunlamps, Inc. had sales revenue of $53 million, sales returns and allowances of $2 million, and sales discounts of $0.3 million in 2013. Cost of goods sold was $23 million, and net income was $12 million for the ...
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