What account is used in a perpetual inventory system

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Reference no: EM131532957

Question: 1. When a merchandiser uses a perpetual inventory system, why is it sometimes necessary to adjust the Merchandise Inventory balance with an adjusting entry?

2. What temporary accounts do you expect to find in a merchandising business but not in a service business?

3. Describe the closing entries normally made by a merchandising company.

4. What account is used in a perpetual inventory system but not in a periodic system?

Reference no: EM131532957

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