Under the periodic inventory system: Multiple Choice Inventory records are updated immediately after each purchase Inventory must be counted at the end of each accounting period Inventory does not have to be counted it can be taken from the accounting records) inventory levels must be counted every day to search DOLL Help Seve On July 1 Darin Company sold inventory costing $5,000 to Dee Company for $6,000, terms 3/10, 1/30. Both companies use a perpetual Inventory system. What journal entry will be recorded by Dee Company on July Multiple Choice O Debit Purchases and credit Accounts Payable for $6.000 Debit Inventory and credit Accounts Receivable for $6.000 Debit inventory and credit Accounts Payable for $6.000 o oo Debit Cost of Goods Sold and credit Inventory for $4500 DELL * c v BNMENT If a company that uses a perpetual inventory system sold inventory which cost $1000 for a selling price of $3,000, the accounting equation would show a net Multiple Choice 0 credince 0 increase in sets and net decrease in 0 0 decrease in wooden uity A . DELL Eugene Co has inventory it purchased for $6,000. It sells the inventory to a customer for $10,000, including installation Installation sold separately costs $1000 and the inventory sold separately costs $10,000 What amount of Service Revenue is recognized by Eugene for Installation once it has been completed Multiple Choice 0 $900 .000 O $10.000 DOLL K s X F v G B H N J M L | | | ||?| Beer sa c Belmont Industries announces that its gross profit rose 5% but its income before income taxes fell. Which of the following statements is Help Seve Exit correct This is not possible given the net income determined by gross profit This mean that in general, and administrative expenses increased by more than 56 This must has revenue one more an expenses This must contacte d DOLL ERT Y U PUTE |