[jlambert797]

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]

In a pertpetual inventory system, the cost of inventory sold is what? Debitedto cost of goods sold

[rehmanvohra]

Debit Inventory 2,000
Credit Accounts payable 2,000

Debit Freight in 150
Credit cash 150