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    JENNYTEJADA's Avatar
    JENNYTEJADA Posts: 11, Reputation: 1
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    #1

    Jun 10, 2010, 07:50 AM
    Perpetual Inventory System
    Purchased office equipment for $2650 by issuing a cheque for $650 and the balance is on credit. The equipment has useful life of three years. What journal should I be using,
    Cash Disbursement or General Journal?
    My aswer is general journal. Please let me know if this is correct.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jun 12, 2010, 08:44 AM

    What does purchasing office equipment have to do with a perpetual inventory system? Nothing!!
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