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A merchandising company using a perpetual inventory system

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A merchandising company using a perpetual inventory system 1. Under a perpetual inventory system, inventory shrinkage and lost or stolen goods are more readily determined. 2. The terms 2/10, n/30 state that a 2% discount is available if the invoice is paid within the first 10 days of the next month. 3. Sales should be recorded in accordance with the matching principle. Accounting for Merchandising Operations 5 – 7 4. Sales returns and allowances and sales discounts are subtracted from sales in reporting net sales in the income statement. 5. A merchandising company using a perpetual inventory system will usually need to make an adjusting entry to ensure that the recorded inventory agrees with physical inventory count. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

A merchandising company using a perpetual inventory system

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