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    Justine Aaron Laus
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    1. The periodic inventory system document shows the accounting entries made by a company over a month. 2. It records transactions such as purchases, sales, inventory adjustments, payroll expenses, and payments to suppliers and for equipment. 3. The debits and credits are balanced at the end of the month when the income from sales is recorded against the cost of goods sold and other expenses.

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    FAR ASSGN

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    1. The periodic inventory system document shows the accounting entries made by a company over a month. 2. It records transactions such as purchases, sales, inventory adjustments, payroll expenses, and payments to suppliers and for equipment. 3. The debits and credits are balanced at the end of the month when the income from sales is recorded against the cost of goods sold and other expenses.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    7 views5 pages

    Far Assgn

    Uploaded by

    Justine Aaron Laus
    1. The periodic inventory system document shows the accounting entries made by a company over a month. 2. It records transactions such as purchases, sales, inventory adjustments, payroll expenses, and payments to suppliers and for equipment. 3. The debits and credits are balanced at the end of the month when the income from sales is recorded against the cost of goods sold and other expenses.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 5

    Periodic Inventory System

    Date Particulars REF Debit Credit


    Dec-01 Cash 101 39000
    Cruz, Capital 301 39000

    2 Equipment 150 10000


    Cash 101 10000

    2 Purchases 501 15900


    Accounts Payable 201 15900

    3 Supplies 120 700


    Cash 101 700

    4 Accounts Receivable 105 12200


    Sales 401 12200

    5 Freight In 504 200


    Cash 101 200

    6 Accounts Payable 201 300


    Merchandise Inventory 115 300

    11 Accounts Payable 201 15900


    Purchases Discounts 503 318
    Cash 101 15582

    13 Cash 101 14896


    Sales Discount 410 304
    Accounts Receivable 105 15200

    14 Purchases 501 14400


    Cash 101 14400

    15 Salaries 530 1500


    Cash 101 1500

    16 Cash 101 12000


    Notes Payable 202 12000

    17 Cash 101 500


    Purchase Return & Allowances 502 500

    18 Purchases 501 14200


    Accounts Payable 201 14200
    20 Freight In 504 700
    Cash 101 700

    23 Cash 101 10500


    Sales 401 10500

    26 Purchases 501 12300


    Cash 101 12300

    27 Accounts Payable 201 9000


    Cash 101 9000

    28 Cruz, Drawing 302 2008


    Cash 101 2008

    29 Sales & Return Allowances 405 900


    Cash 101 900

    30 Accounts Receivable 105 11000


    Sales 401 11000

    30 Salaries 530 1500


    Advertising Expense 505 1000
    Rent Expense 510 3500
    Utilities 540 400
    Cash 101 6400

    31 Merchandise Inventory 115 25000


    Income Summary 601 25000

    229808 229808

    101 CASH 501 PURCHASES


    105 ACCOUNTS RECEIVABLE 502 PURCHASE RETURNS AND ALLOWANCES
    115 MERCHANDISE INVENTORY 503 PURCHASE DISCOUNTS
    120 SUPPLIES 504 FREIGHT IN
    150 EQUIPMENT 505 ADVERTISING EXPENSE
    201 ACCOUNTS PAYABLE 506 FREIGHT OUT
    202 NOTES PAYABLE 507 COST OF GOODS SOLD
    301 CRUZ, CAPITAL 530 SALARIES
    302 CRUZ, DRAWING 510 RENT EXPENSE
    401 SALES 540 UTILITIES
    405 SALES RETURNS AND ALLOWANCES 601 INCOME SUMMARY
    410 SALES DISCOUNTS
    Perpetual Inventory System

    Date Particulars REF Debit Credit


    Dec-01 Cash 101 39000
    Cruz, Capital 301 39000

    2 Equipment 150 10000


    Cash 101 10000

    2 Merchandise Inventory 115 15900


    Accounts Payable 201 15900

    3 Supplies 120 700


    Cash 101 700

    4 Accounts Receivable 105 15200


    Sales 401 15200

    Cost of Goods Sold 507 12200


    Merchandise Inventory 115 12200

    5 Freight Out 506 200


    Cash 101 200

    6 Accounts Payable 201 300


    Merchandise Inventory 115 300

    11 Accounts Payable 201 15900


    Merchandise Inventory 115 318
    Cash 101 15582

    13 Cash 101 14896


    Sales Discount 410 304
    Accounts Receivable 105 15200

    14 Merchandise Inventory 115 14400


    Cash 101 14400

    15 Salaries 530 1500


    Cash 101 1500

    16 Cash 101 12000


    Notes Payable 202 12000

    17 Cash 101 500


    Merchandise Inventory 115 500
    18 Merchandise Inventory 115 14200
    Accounts Payable 201 14200

    20 Merchandise Inventory 115 700


    Cash 101 700

    23 Cash 101 16400


    Sales 401 16400

    Costs of Goods Sold 10500


    Merchandise Inventory 10500

    26 Merchandise Inventory 115 12300


    Cash 101 12300

    27 Accounts Payable 201 9000


    Cash 101 9000

    28 Cruz, Drawing 302 2008


    Cash 101 2008

    29 Sales & Return Allowances 405 900


    Cash 101 900

    30 Accounts Receivable 105 13700


    Sales 401 13700

    Cost of Goods Sold 507 11000


    Merchandise Inventory 115 11000

    30 Salaries 530 1500


    Advertising Expense 505 1000
    Rent Expense 510 3500
    Utilities 540 400
    Cash 101 6400

    31 (No entry required)


    ALLOWANCES
    250108 250108

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