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    nikapatterson's Avatar
    nikapatterson Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Feb 3, 2008, 12:01 PM
    Perpetual Inventory System
    Hello-



    Please help with this scenario below




    International Galleries, Ltd. which maintains a perpetual inventory system on its works of art, has just sold for $5,000 cash a painting which it originally purchased on account for $3,000. In the journal below, record the sale transaction both as to selling price and cost. To the right of each account title, write (A), (L), (OE), (R) or (E) to represent the category of the account.


    Thanks-

    Nika
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
    Full Member
    		  
    #2

    Feb 3, 2008, 02:17 PM
    Dr. Cash (A)
    Cr. Revenue (R)

    Dr. Inventory (A)
    Cr. COGS (E)
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