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Perpetual Inventory System Journal Entries

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Mary
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1K views4 pages

Perpetual Inventory System Journal Entries

Flash Cards to be printed on a double sided printer.

Uploaded by

Mary
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
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Purchase of merchandise on credit from a supplier Perpetual Inventroy A > Freight costs on purchases. Payment of Freight cost. Perpetual Inventory —— PP £CP 4 Purchase returns and allowances, Return of merchandise to supplier, Perpetual Inventory i EN Payment on acount fo supplier wth dscunt, (Check writen fo sipiy] (Use Merchandise ventory. Account ony payment is made ing the discount prod) Bs Perpetual ventory A Sale of merchandise p Return:of merchandise:sold, Perpetual Inventory, EN Ma . Merchandise returned by a.customer; to a customer on credit. ona credit granted toa customer, Perpetual Inventory (Use:second part only if merchandise is returned A NN PerpetualiInventory, A Cash received ftom customer on account i Purchase of merchandise. with a.discount;,(Paymentreceived from, " . customer) (Use Sales Discount Account: on credit from a supplier, only iffcustomer receives:the discount,) Periodic Inventory EN ha Accounts Payable mx Merchandise Inventory WK Accounts Payable OK Cash OX Merchandise Inventory OK Merchandise Inventory OK Accounts Payable XX Merchandise Inventory XXX Cash OK ny Sales Returns and Allowances XXX Accounts Receivable x Merchandise Inventory OK Cost of goods sold eK EN | | Purchases XX Accounts Payable YOK | 3 Accounts Receivable YX Sales Revenue OK Cost of good sold xX Merchandise Inventory Cash OK Sales Discounts XXX Accounts Receivable OC | ” 4 Purehase-refurns and allowance, Return of merchandise to supplier, Periodic: Inventory, EN ——— Freight costs on purchases. Payment of Freight cost. Periodic Inventory EN Pe ee Periodic Inventory AL Mi Payment on account supliwth aden ? satu oh marcha of merchandise (Check writen sup) (Use Purchase Dissouns onli to a customer on credit. pay mewn dco pid) Periodic Inventory pa “ 42h 4 Return of merchandise sold, Cash recelvedifrom customer on account ' with adiscount;, (Payment received from, Merchandise refurned by customer customer) (Use Sales Discount Account: oracredit granted toa customer, only/if;customer receives the discount) Periodic: Inventory, AL y a EN Ma y a ye EN

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