Under the Perpetual Inventory System,two Journal Entries Are Used to Record

question 124

True/False

Under the perpetual inventory system,two journal entries are used to record the sale of merchandise.One entry records the Sales Revenue and another entry records the Cost of Goods Sold.

---

Definitions:

Surplus

An excess of supply over demand in a market, leading to lower prices or unused stock.

Price Control

Government-imposed limits on the prices that can be charged for goods and services in the market, to protect consumers and prevent market abuse.

Legal Restriction

A regulatory measure that limits or controls certain actions within a legal framework.

Market Price

The current price at which an asset or service can be bought or sold in a marketplace.