1. When perpetual inventory system is used, which account should not be involved in the...
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Accounting
1. When perpetual inventory system is used, which account should not be involved in the recording of a purchase return transaction? A. Inventory B. Purchase return. C. Cash. D. Accounts Payable. 2. Closing entries are: A. recorded normally at the end of each month. B. recorded to close the permanent accounts. C. recorded to reset certain accounts to zero. D. prepared before financial statements are prepared. 3. Accumulated Depreciation: A. is an asset account. B. is a liability account. C. has a normal debit balance. D. has a normal credit balance
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