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Problem #2
Using the perpetual inventory system, journalize the entries for the following transactions:
a) Sold merchandise on account for $12,000, terms 1/10, n/30. The cost of the merchandise sold was $6,500.
b) Sold merchandise on account for $9,500 to customers who used a VISA card. The cost of the merchandise sold was
$5,300.
c) The customer in a) returned merchandise which was sold for $1,000 and that we had purchased for $780.
d) Purchased merchandise on account for $8,500, credit terms 1/15, n 45, FOB destination. The appropriate company paid
the Freight costs of $500.

Sagot :

The perpetual inventory system is an inventory management method that records when stock is sold or received in real-time.

How to depict thejournal?

a. Debit Accounts Receivable 12000

Credit  Sales  12000

Debit Cost of Merchandise Sold 6500

Credit    Merchandise Inventory  6500

b. Debit Cash 9500

Credit Sales  9500

Debit Cost of Merchandise Sold 5300

Credit Merchandise Inventory  5300

c. Debit Cash 2900

Credit  Sales  2900

Debit Cost of Merchandise Sold 1700

Credit  Merchandise Inventory  1700

d. Debit Credit Card Expense 385

Credit  Cash  385

e. Debit Credit Card Expense 75

Credit Cash  75

Learn more about journal on:

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