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mina [271]
3 years ago
14

Prepare a tabular summary to record the transactions for the month using a perpetual inventor system.

Business
1 answer:
vfiekz [6]3 years ago
6 0

Answer:

                                   <u>Perpetual Inventor System.</u>

<u>                                                                               DR                                CR</u>

<u>                                                                                 $                                  $   </u>

March 2

(a) Accounts receivable                              $850,000

     Revenue                                                                                      $850,000

     Cost of goods sold                               $500,000

<u>  Inventory                                                                                          $500,000</u>

March 6

(b)  Inventory                                                  $60,000

Cost of goods sold                                                                           $60,000

Revenue                                                         $100,000  

<u>Accounts receivable                                                                       $100,000 </u>

March 12

(c)  Bank/Cash                                                      $850,000                      

<u>    Accounts receivable                                                                     $850,000 </u>

Explanation:

perpetual inventory system is an inventory system where inventory records are updated to reflect additions and subtractions inventory. Records will be made when  inventories are received, goods are sold items returned, etc.

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The player in the economy that supplies labor in the factor market is households.

Economists refer to all of the resources that firms utilize to buy, rent, or hire the equipment they use to generate goods or services as the "factor market."

The factors of production—raw materials, land, labor, and capital—are what are required to meet these needs.

The input market is another name for the factor market.

By this definition, all markets fall into one of two categories: those that provide businesses with the resources they require, or those that provide consumers with the goods and services they need to make purchases.

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This can be seen as a closed-loop flow where households are sellers and businesses are buyers in the factor market and vice versa in the market for goods and services.

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