Question: any help please Chapter 6 Omentation Video 12 In this module, you will learn how to analyze sales transactions under a perpetual inventory system. In
Chapter 6 Omentation Video 12 In this module, you will learn how to analyze sales transactions under a perpetual inventory system. In a perpetual inventory wstem, two entries are made every time inventory is sold one entry records the sale fond corresponding debit to Cash or Accounts Receivable and the other entry records the Cost of Goods Sold and corresponding credit 10 Inventory Sales anscounts and sales returns and allowances are reported as contra revenues, reducing net sales Accounts Used by Marchandise 0:47 Cash A Knowledge Check 01 In a perpetual inventory system which of the following accounts appear on the income statement of merchandises? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with question mark will be automatically graded os incorrect.) 2Cash or Accounts Receivable Cod Goods Sold Steven
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