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Author Question: When purchasing inventory on account in a perpetual inventory system, which of the following is TRUE? (Read 75 times)

jeatrice

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on: Feb 18, 2020
When purchasing inventory on account in a perpetual inventory system, which of the following is TRUE?
◦ LIFO and FIFO inventory valuation methods require a debit to inventory while all others require a debit to purchases.
◦ GAAP does not allow inventory to be purchased on account.
◦ The average costing method requires a credit to inventory.
◦ The journal entry would be exactly the same for all inventory costing methods.
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by jeatrice on Feb 18, 2020

ansleighelindsey

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Reply #1 on: Feb 18, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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jeatrice

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Reply 2 on: Feb 18, 2020
Great answer, keep it coming :)

bimper21

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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