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Home > Business & Careers > Accounting   »   Periodic Inventory System: Journal Entries

 
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Old Feb 5, 2007, 08:21 PM
KAT4
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Periodic Inventory System: Journal Entries

Can someone please help me write these journal entries for a company using the periodic inventory system? Thanks

Purchased $19,000 worth of inventory on account.

Sold goods on account for $21,000 and made cash sales of $18,800.

Credited customer accounts for $2,520 of merchandise returned.

Received $18,200 from customers for sales made previously on account.

Thanks for your help!!!!!!!

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Old Aug 29, 2007, 11:03 AM   #2  
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if it is not given opening stock we onlay havr purchases and closing how will we find cost of goods sold
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Old Aug 29, 2007, 11:07 AM   #3  
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a company sold goods for rupees 60,000 for 5/10 n/60 how this entry will b made in perpetul and period inventory system
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