Recording Merchandising Transactions Using Perpetual Inventory System

DATE Account Title Debit Credit

1-Jul Accounts recievable P105,000
Sales P105,000
COGS P63,000
Inventory P63,000

2-Jul Inventory P190,000

Accounts Payable P190,000

2-Jul Inventory P14,500

Cash P14,500

9-Jul Inventory P180,000

Accounts Payable P180,000

11-Jul Sales Return P15,000

Accounts Receivable P15,000
Inventory P9,000
COGS P9,000

14-Jul Accounts Payable P30,000

Inventory P30,000

16-Jul Cash P50,000

Sales P50,000
COGS P30,000
Inventory P30,000

22-Jul Accounts Payable P160,000

Cash P160,000

24-Jul Cash P90,000

Accounts Receivable P90,000