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-   -   Periodic Inventory System: Journal Entries (https://www.askmehelpdesk.com/showthread.php?t=60472)

  • Feb 5, 2007, 09:21 PM
    KAT4
    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!!
  • Aug 29, 2007, 11:03 AM
    soni ba
    If it is not given opening stock we onlay havr purchases and closing how will we find cost of goods sold
  • Aug 29, 2007, 11:07 AM
    soni ba
    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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