Perpetual Inventory - Purchases Video Lessons

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Problem: Under a perpetual inventory system, acquisition of merchandise for resale is debited to the a. Merchandise Inventory account. b. Purchases account. c. Supplies account. d. Cost of Goods Sold account.

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Problem Details

Under a perpetual inventory system, acquisition of merchandise for resale is debited to the

a. Merchandise Inventory account.

b. Purchases account.

c. Supplies account.

d. Cost of Goods Sold account.

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Based on our data, we think this problem is relevant for Professor Russo's class at TOWSON.