Please help me...
I was so confused in using perpetual inventory system in merchandising.. hope ou guys help me :)
What should be my entry if the transaction is like this :
MAY 15 Sold goods to Bessie's Appliance Store, P50,000. Terms: 50% down, balance 1/15. n/30.
My answer is :
DR. CASH... 25,000
Accounts Receivable... 25,000
CR. SALES... 50,000
DR. COST of GOOD SOLD... 50,000
CR. MERCHANDISE INVENTORY... 50,000
IS THIS CORRECT?
PLEASE HELP ME :)
THANKS