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jlambert797
Jun 22, 2009, 01:59 PM
How would you journalize a transaction under a perpetual accounting system if your company purchased items on account for $2000 from another company, FOB destination, terms 2/10, n/30? and how do you journalize the appropriate party making a cash payment of $150 for the freight?

Barharb hogans
Jun 27, 2009, 06:31 AM
in a pertpetual inventory system, the cost of inventory sold is what? debitedto cost of goods sold

rehmanvohra
Jun 30, 2009, 11:05 AM
Debit Inventory 2,000
Credit Accounts payable 2,000

Debit Freight in 150
Credit cash 150