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1. In your opinion, why are perpetual inventory systems so much more popular today than back prior to the mid-1960s? Why would a company employing a perpetual inventory system still take a physical inventory periodically? ( 75-100 words)

 

 

 

2. What are the reasons a company would consider using a periodic inventory system? (75-100 words)

 

 

3. What is wrong with this journal entry? ( 75-100 words)

Consider the following accounting transaction: PW Audio Supply sells merchandise on account on May 4 to Sauk Stereo for $3,800.  The cost of the merchandise to PW is $2,400.

Why is the following journal entry inappropriate for this transaction?  What should the correct entry be?

 

 

 

 

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