rehan_shirazi
Aug 23, 2012, 10:13 AM
What is the difference between periodic and perpetual journal entries ?
I know one that when you buy something you write "purchases" in periodic and "inventory" in perpetual. Are there any other differences ?
I don't remember exactly there was another few differences as well. Like may be when you pay delivery expenses on cash there is a standard entry (delivery expense{Debit} cash {Credit} but there was a difference in periodic or may be in perpetual.
I know one that when you buy something you write "purchases" in periodic and "inventory" in perpetual. Are there any other differences ?
I don't remember exactly there was another few differences as well. Like may be when you pay delivery expenses on cash there is a standard entry (delivery expense{Debit} cash {Credit} but there was a difference in periodic or may be in perpetual.