The general rule for recording answers to unstructured questions is to record the responses verbatim

The perpetual inventory system relies on a physical count of merchandise for its balance sheet amount

Indicate whether the statement is true or false

On June 3, Zhang Co. received and recorded a $3,500 invoice for merchandise on which the terms were 2/10, n/60. The company uses the net method to records invoices. On June 17, the company discovered that the invoice had been incorrectly filed and the discount lost. Prepare the June 3 general journal entry to record the purchase, the June 17 entry to record the discount lost, 91 Copyright ©2018 McGraw-Hill and the August 2 entry to record payment of the invoice.

What will be an ideal response?