001 HW G. Help Save & Exit Check in ANNI Required information Sales Discounts the discount period. Accounts Recelvable Sales - Granting sales returns or allowances. Sales Retums and Allowances ...... Cash or Accounts Receivable ... Merchandise Inventory ............... Cost of Goods Sold # Knowledge Check 01 If a perpetual inventory system is in use O a physical inventory count is not required because the Inventory account is updated for each purchase and sale. O a physical inventory count is not required because the Inventory account is updated every time a transaction or event occurs. a physical inventory count should be taken at least annually. O a physical inventory count is required because the Inventory account is not updated when inventory is purchased or sold. rch a