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Perpetual inventory system
:confused: Okay, this accounting class is not fun anymore! I would suggest to anyone, not to do online college with accounting. At least for me, it would help to actually have someone explain and show it to me. Anyway, I posted on my blackboard to no answers, have an assignment due tomorrow. Is anyone game to checking this for me.. Thank you in advance! Ritafajita
My copy and paste came out weird, it's a credit/debit pick with a drop down menu to pick one of the choices. I have most of my answers, just can't get cost of goods sold Phantom Book Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Phantom's inventory consisted of 240 books purchased at $1,200. During the month of June the following merchandising transactions occurred. June 1 Purchased 160 books on account for $5 each from Ex Libris Publishers, FOB destination,terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Sold 120 books on account to Readers-R-Us for $10 each. 6 Received $50 credit for 10 books returned to Ex Libris Publishers. 9 Paid Ex Libris Publishers in full, less discount. 15 Received payment in full from Readers-R-Us. 17 Sold 120 books on account to Bargain Books for $10 each. 20 Purchased 110 books on account for $5 each from Bookem Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 24 Received payment in full from Bargain Books. 26 Paid Bookem Publishers in full, less discount. 28 Sold 110 books on account to Read-n-Weep Bookstore for $10 each. 30 Granted Read-n-Weep Bookstore $150 credit for 15 books returned costing $ 75. Instructions Journalize the transactions for the month of June for Phantom Book Warehouse using a perpetual inventory system. (a) June 1 Debit Merchandise Inventory 800 Credit Accounts Payable 800 June 3 Debit Accounts Receivable 1200 Credit Sales 1200 Debit Cost of Goods Sold Credit Merchandise Inventory June 6 Debit Accounts Payable 50 Credit Merchandise Inventory 50 June 9 Debit Accounts Payable Credit Merchandise Inventory Credit Cash June 15 Debit Cost of Goods SoldSales DiscountsSalesAccounts ReceivableAccounts PayableSales Returns and AllowancesCashMerchandise Inventory 1200 Credit Merchandise InventoryAccounts ReceivableAccounts PayableCashSalesCost of Goods SoldSales DiscountsSales Returns and Allowances 1200 June 17 Debit Accounts Receivable 1200 Credit Sales 1200 Debit Cost of Goods Sold Credit Merchandise Inventory June 20 Debit Merchandise Inventory 550 Credit Accounts Payable 550 June 24 Debit Cash Debit Sales Discounts Credit Accounts Receivable June 26 Debit Accounts Payable Credit Merchandise Inventory Credit Cash June 28 Debit Accounts Receivable 1100 Credit Sales 1100 Debit Cost of Goods Sold Credit Merchandise Inventory June 30 Debit Sales Returns and Allowances 150 Credit Accounts Receivable 150 Debit Merchandise Inventory 75 Credit Cost of Goods Sold 75 |
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The following website explains quite nicely the difference between Perpetual vs. Periodic Inventory System Journal Entries
Perpetual and Periodic Journal Entries |
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Originally Posted by CaptainForest
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