Inventory

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Across
  1. 2. A temporary account that only exists in the periodic inventory system.
  2. 6. Sales revenue - COGS
  3. 7. Inventory is an account that appears on which financial statement.
  4. 9. COGS is an account that appears on which financial statement?
  5. 10. COGS = Beginning inventory plus purchases minus ________________________.
  6. 11. When merchandise is sold, you credit inventory and debit _______________________________.
Down
  1. 1. You debit this account when a customer returns a product or gets a price reduction.
  2. 3. Sales discounts is what type of account?
  3. 4. An inventory system in which you use technology to constantly update your inventory and COGS accounts after each and every sale and purchase.
  4. 5. Sales Revenue - Sales Discounts - Sales R & A
  5. 8. An inventory system in which you update your inventory and COGS account once at the end of the month through a physical count.