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Far Assgn

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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Justine Aaron Laus
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17 views

Far Assgn

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.

Uploaded by

Justine Aaron Laus
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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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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