Below are several Ledger Accounts. Some accounts are used in the Periodic Method of Merchandise accounting, some are used in the Perpetual Method and some are used in both.

Put an X under the heading of the method that the account would be used. Some accounts are used in both methods.

Ledger Account Periodic Method Perpetual Method

1 Cost of Goods Sold

2 Freight-in

3 Freight-out

4 Inventory Shortage

5 Merchandise Inventory

6 Purchase Discounts

7 Purchase Returns

8 Purchases

9 Sales Discounts

10 Sales Returns