When Using a Perpetual Inventory System,the Inventory Account Is Credited

question 8

True/False

When using a perpetual inventory system,the Inventory account is credited when a sale is made.

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Definitions:

Certified Check

A check that is accepted by the bank from which the funds are drawn.

Accepted

A term indicating that an offer has been formally agreed to, creating a binding contract between parties.

Check

A special draft that orders a bank (the drawee) to pay a specified sum of money to the payee from the drawer’s account.

Blank Endorsement

A payee’s or last endorsee’s signature on a negotiable instrument.