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What is Accounting for Merchandising Operations about?

This document discusses accounting for merchandising operations under a perpetual inventory system. It explains that under a perpetual system, purchases are recorded by debiting Inventory and crediting Accounts Payable when goods are received. Freight costs are also added to Inventory if the seller pays freight. If the buyer pays freight, it is recorded as an expense. Returns are recorded by crediting Inventory and debiting Accounts Payable to reduce the original purchase amount.

Author

Malk Adouani

Language

EN