Merchandise Inventory

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Merchandise Inventory is an asset and perpetual inventory system account that records purchases of merchandise. Discounts and returns are recorded in this account for the buyer.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Merchandise Inventory. An asset and perpetual inventory system account that records purchases of merchandise. Discounts and returns are recorded in this account for the buyer.

Related concepts

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