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  • Handout 030

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    Caryl May Esparrago Mira
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    This document provides instructions and transactions to record under a periodic and perpetual inventory system. It includes purchases and returns of merchandise on account, sales of merchandise on account and for cash, payment of accounts, and a purchase of a computer set. Learners are asked to prepare journal entries for each transaction under both a periodic and perpetual inventory system.

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    This document provides instructions and transactions to record under a periodic and perpetual inventory system. It includes purchases and returns of merchandise on account, sales of merchandise on account and for cash, payment of accounts, and a purchase of a computer set. Learners are asked to prepare journal entries for each transaction under both a periodic and perpetual inventory system.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    13 views1 page

    Handout 030

    Uploaded by

    Caryl May Esparrago Mira
    This document provides instructions and transactions to record under a periodic and perpetual inventory system. It includes purchases and returns of merchandise on account, sales of merchandise on account and for cash, payment of accounts, and a purchase of a computer set. Learners are asked to prepare journal entries for each transaction under both a periodic and perpetual inventory system.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Handout 029 Periodic and Perpetual Inventory System

    Please use this handout for


    Lesson 029 Accounting for Merchandising Operations 4: Periodic and Perpetual
    Inventory System

    Prepare journal entries to record the given transactions under:


    a. Periodic Inventory System
    b. Perpetual Inventory System

    May 01 Purchased merchandise from Ryu Merchandising for P30,350, terms 2/10,
    n/30.

    May 02 Returned P1,200 worth of defective merchandise to Ryu Merchandising.

    May 03 Sold merchandise on account to Ms. Friday Vargas for P16,550 selling price,
    2/10, n/30. The merchandise costs P10,440.

    May 05 Sold merchandise for cash to Miss Yoon for P5,680. The merchandise costs
    P3,500.

    May 08 Purchased computer set from Eun-Soo Sales amounting P57,880.

    May 10 Paid Ryu Merchandising in full.

    May 11 Sold merchandise on account to Lana Cala at P25,000 selling price, 2/10,
    n/30. The merchandise costs P22,000.

    May 12 Friday Vargas paid her account in full.

    May 25 Lana Cala paid her account in full.

    Page 1 of 1

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