AA 1 Normal 1 No Spac Heading 1 Heading 2 Fy Paragraph Styles 15. Which of the following is false regarding a perpetual Inventory system? a. Physical counts of ending Inventory are not needed since inventory records are maintained on transaction-by-transaction basis. b. The balance in the inventory account is updated with each inventory purchase and sale transaction c. Cost of goods sold is increased (recorded) as sales are recorded. d. Inventory shrinkage loss can be detected, if any, when physical counts on Inventory are conducted. 16. Shinhan Corp. agreed and authorized Jones Company, a customer, a return of $1,000 of goods sold on account. Shinhan Corp. records sales returns (and allowances) as a contra account to sales revenue. Which is the correct Journal entry to record this transaction? a. Sales returns and allowances $1,000 Accounts receivable $1.000 b. Sales revenue $1,000 Accounts receivable $1,000 c. Sales returns and allowances $1,000 Inventory $1,000 d. Account receivable $1,000 Sales returns and allowances $1,000 alin