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When preparing the worksheet for a merchandising business using the perpetual inventory system, ...

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When preparing the worksheet for a merchandising business using the perpetual inventory system, ...

When preparing the worksheet for a merchandising business using the perpetual inventory system, which of the following statements is incorrect?
A) The main new account is the Merchandise Inventory account.
B) The merchandiser's worksheet carries the account Cost of Goods Sold.
C) The Merchandise Inventory account must be adjusted based on a physical count due to inventory shrinkage.
D) The worksheet procedures are not similar to the worksheet procedures for a service company.

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.

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