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On september 12, vander company sold merchandise in the amount of $7,600 to jepson company, with credit terms of 2/10, n/30. the cost of the items sold is $5,800. vander uses the periodic inventory system and the gross method of accounting for sales. the journal entry or entries that vander will make on september 12 is:_________

Sagot :

anthougo

If Vander Company uses the periodic inventory system and the gross method of accounting for sales, the journal entry on September 12 is as follows:

Journal Entry:

September 12:

Debit Accounts Receivable $7,600

Credit Sales Revenue $7,600

  • To record the sale of goods with credit terms of 2/10, n/30.

What is a periodic inventory system?

A periodic inventory system does not record the cost of goods sold or maintain an inventory account for inventory transactions until the end of the period.

Under the periodic inventory system, the cost of goods sold is determined in the income statement as the beginning inventory + purchases - ending inventory.

Thus, there are no accounts for the cost of goods sold and inventory because inventory purchased is recorded in the purchases account instead of the inventory account.

Transaction Analysis:

Accounts Receivable $7,600 Sales Revenue $7,600

Terms 2/10, n/30.

Thus, if Vander Company uses the periodic inventory system and the gross method of accounting for sales, the journal entry is a debit to the Accounts Receivable account and a credit to the Sales Revenue account for the credit sales only.

Learn more about recording sales transactions at https://brainly.com/question/25347238

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