GENERAL LEDGER

perpetual

ASSET- 7 Cash, 2 A/R, 9 Merchandise Inventory, 3 input vat

LIABILITIES- 6 A/P, 4 Output VAT

Expense- 4 cost of sales

REVENUE- 4 Sales,

Periodic

ASSET- 7 cash, 3 input vat, 2 a/r

LIABILITIES- 6 a/p, 4 output vat

REVENUE- 1 purchases return and allowances, 2 purchase discount, 4 sales

EXPENSE- 2 purchases, 1 freight in