Professional Documents
Culture Documents
A. Using Periodic Inventory System B. Using Perpetual Inventory System
A. Using Periodic Inventory System B. Using Perpetual Inventory System
merchandising business
Debit Credit
1 Bought merchandise terms n/60.
2 Sold merchandise for cash
3 Bought tables and chairs on credit
4 Received promisorry note for merchandise sold.
5 Cash Sales
6 Paid the office rent.
7 Owner made an additional investment of merchandise.
8 Cash Purchases
9 Paid Freight on merchandise bought.
10 Received cash refund for merchandise returned.
11 Issued a promissory note for merchandise purchased.
12 Paid Freight on merchandise sold.
13 Paid cash for merchandise returned.
14 Received cash from a tenant as payment of rental.
15 The owner withdrew merchandise for his personal use.
16 Received a credit memo for a merchandise returned.
17 Paid cash for a merchandise returned.
18 Paid freight on the tables. Bought.
19 Issued credit memo for a merchandise returned.
20 Returned defective tables bought on account.
21 Issued a promissory note in payment of an account which is due.
22 A buyer paid freight on terms FOB-destination-freight collect.
23 Received promissory note as payment of an account due.
24 A seller paid freight on terms. FOB Shipping point, Freight prepaid.
25 The owner paid the tuition fee of her daughter out of the cash
withdrawn from the business.