Indicate which of the following accounts would be included in the chart of accounts of a merchandising company using either the (a) periodic inventory system or (b) perpetual inventory system. If the account would be included in the chart of accounts of a company using the periodic and perpetual systems, indicate (c) for both
(1) |
Cost of Merchandise Sold |
(6) |
Purchases Returns and Allowances |
(2) |
Purchases Discounts |
(7) |
Delivery Expense |
(3) |
Sales |
(8) |
Sales Returns and Allowances |
(4) |
Merchandise Inventory |
(9) |
Transportation In |
(5) |
Sales Discounts |
(10) |
Purchases |