Given a perpetual inventory system which one of the following statements is false? A) A discount taken
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Question:
A) A discount taken for early payment is credited to the Inventory account.
B) Purchases of merchandise for sale are recorded in the Inventory account.
C) Freight costs incurred by the buyer are added to the Inventory account.
D) A return of merchandise is credited to the Purchase Returns and Allowances account.
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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