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galben [10]
1 year ago
15

using a perpetual inventory system, what is recorded when a customer returns a product and gets the cash back and the product is

put back on the store shelf to be resold?
Business
1 answer:
likoan [24]1 year ago
3 0

A credit to cash, a debit to sales returns and allowances, a credit to inventory, and a debit to cost of goods sold are all recorded.

Perpetual inventory, commonly referred to as continuous inventory, is an inventory management system that uses software to automatically and constantly record each stock movement (such as purchases, returns, consumptions, and write-offs), keeping the system current at all times.

This contrasts with the need to manually update the system on a regular basis when utilizing spreadsheets or paper-and-pencil alternatives.

Barcodes, POS systems, radio frequency identification, and real-time reporting are used by perpetual inventory systems like MRP, ERP, or WMS software to track inventory movements and build a virtual trail of each transaction occurring in the physical inventory. This makes it possible to perform extremely accurate real-time inventory accounting, giving the business a current cost of goods sold at all times.

To learn more about perpetual inventory system from given link

brainly.com/question/25014592

#SPJ4

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On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the
Arada [10]

Answer:

The correct answer is:

Debit: Account receivable $5,800

Credit: Sales revenue $5,800

Debit: Cost of goods sold $4,000

Credit: Merchandise inventory $4,000

Explanation:

On 1st May

Upon sale of inventory on credit

Debit: Account receivable $5,800

Credit: Sales revenue $5,800

On 1st May

To record cost of goods sold of merchandise inventory:

Debit: Cost of goods sold $4,000

Credit: Merchandise inventory $4,000

5 0
3 years ago
What is the probability that this person was a victim of identity theft that occurred from the unauthorized use of a credit card
liberstina [14]
<span>The probability that this person was a victim of identity theft that occurred from the unauthorized use of a credit card is 0.05%. </span>
5 0
3 years ago
A company regularly purchases cleaning supplies from a vendor and orders relatively consistent amounts of the same products on e
zvonat [6]

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8 0
3 years ago
Sweet Dreams sells 15,000 pillows per year for $25 per unit. Variable cost per unit is $14. Sweet Dreams wants to improve custom
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Answer:  The answer is $27.25

Explanation:

Let x be the price Sweet dreams will charge to earn the profit of $75,000

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New variable cost = $19

We know, Sales - Variable cost - Fixed cost = Profit

Now applying the equation,

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 20,000x = $75,000 + 380,000 + 90,000

therefore, x = $27.25

So, Sweet Dreams will charge $27.25 to earn the same profit it is earning now i.e. $75000 per year.

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3 years ago
What is the number of each brand of trucks each year
Eddi Din [679]
I'm not sure about this one. Are you talking about like this year?
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