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    KAT4's Avatar
    KAT4 Posts: 6, Reputation: 1
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    #1

    Feb 5, 2007, 09:21 PM
    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!!
    soni ba's Avatar
    soni ba Posts: 2, Reputation: 1
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    #2

    Aug 29, 2007, 11:03 AM
    If it is not given opening stock we onlay havr purchases and closing how will we find cost of goods sold
    soni ba's Avatar
    soni ba Posts: 2, Reputation: 1
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    #3

    Aug 29, 2007, 11:07 AM
    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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