Under a perpetual inventory system, the entry to record the return of goods you had previously purchased on account was recorded with a debit to accounts payable and a credit to inventory. this entry is correct.
Inventory or stock refers to the goods and substances that a business holds for the last goal of resale, manufacturing or utilisation. inventory management is a discipline more often than not about specifying the form and site of stocked goods.
Inventory refers to all of the items, goods, products, and materials held by using a commercial enterprise for promoting in the market to earn a earnings. instance: If a newspaper supplier uses an automobile to supply newspapers to the clients, only the newspaper can be taken into consideration in inventory.
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