Under the perpetual inventory system, when a wholesaler returns goods purchased on account, the ________ account is credited

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02-08-2022
Business

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Under the perpetual inventory system, when a wholesaler returns goods purchased on account, the ________ account is credited

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ahmadfardeen571 ahmadfardeen571 · Answer 1 · 2022-08-09T16:17:24-04:00

Under the perpetual inventory system, when a wholesaler returns goods purchased on account, the Merchandise Inventory account is credited.

Merchandise inventory incorporates the goods that outlets and resellers have purchased with the rationale to promote to clients. products stock is categorized as a current asset on the organization's balance sheet. For some stores, it is their biggest asset.

Let's consider a fixtures shop buys desks with the intention to be bought immediately to the give up a customer. The store additionally buys computers for personnel to apply frequently. here, the desks may be categorized as products stock, but no longer the computers.

Inside accounting, products are taken into consideration as present-day assets because it's commonly anticipated to be liquidated (sold, become cash) within a yr. while bought, merchandise should be debited to the inventory account and credited to cash or accounts payable, depending on how the products were paid for.

Learn more about Merchandise inventory here: https://brainly.com/question/24081171

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