What is a perpetual inventory system, Financial Accounting

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What is a perpetual inventory system

Consider the following questions:

1. What is a perpetual inventory system?

2. How is the purchase of merchandize inventory on credit recorded in a perpetual system?

3. How is a purchase return recorded in a perpetual system?

4. What does the credit term of "1/15, n30" mean?

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Financial Accounting: What is a perpetual inventory system

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Financial Accounting: What is a perpetual inventory system

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