What are the two fundamental equality requirements of the double entry accounting system? Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected by (increased or decreased) by debits and by credits. Describe how the perpetual inventory system works. What are some advantages of using the perpetual inventory system? Is it necessary to take physical inventory when using the perpetual system? Create a financial statement or document that a business might use to account for losses, damaged goods, and stolen inventory. Then write a 2 page paper explaining how it works. Use APA format to cite at least 2 references.
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