Scribd Logo
Upload

Welcome to Scribd!

  • تلخيص سنه اولى

    Uploaded by

    magdy kamel
    14 views1 page
    This document compares a perpetual inventory system to a periodic inventory system. A perpetual system makes adjustments to inventory and cost of goods sold accounts with each transaction. A periodic system makes adjustments only at the end of an accounting period by calculating the difference between the physical and book inventory. The document provides examples of common transactions and how they are recorded under each system, such as purchases, returns, sales, payment collection, and discounts.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document compares a perpetual inventory system to a periodic inventory system. A perpetual system makes adjustments to inventory and cost of goods sold accounts with each transaction. A periodic system makes adjustments only at the end of an accounting period by calculating the difference between the physical and book inventory. The document provides examples of common transactions and how they are recorded under each system, such as purchases, returns, sales, payment collection, and discounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    14 views1 page

    تلخيص سنه اولى

    Uploaded by

    magdy kamel
    This document compares a perpetual inventory system to a periodic inventory system. A perpetual system makes adjustments to inventory and cost of goods sold accounts with each transaction. A periodic system makes adjustments only at the end of an accounting period by calculating the difference between the physical and book inventory. The document provides examples of common transactions and how they are recorded under each system, such as purchases, returns, sales, payment collection, and discounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Perpetual Inventory System Periodic Inventory System

    1. Purchase Of inventory on Inventory 40,000 Purchases 40,000


    credit Accounts payable 40,000 Accounts payable 40,000

    2. Returns Of Purchases Accounts payable 2,000 Accounts payable 2,000


    Inventory 2,000 Purchase Returns And Allowances 2,000

    3. Payment Of Purchase Accounts Payable 38,000 Accounts Payable 38,000


    within the 2% discount period Inventory 37,240 Purchase discount 37,240
    Cash 760 Cash 760

    4. freight costs on purchases Inventory 200 Freight in 200


    Accounts payable 200 Accounts payable 200
    5. Sales of merchandise on ( Two entry) ( One entry )
    credit (a) sales value (a) sales value
    A) Sales Accounts receivable 24,000 Accounts receivable 24,000
    Sales Revenue 24,000 Sales Revenue 24,000
    (b) cost value (B) cost value
    COGS 12,000 No Entry ‫يتم عملها نهايه فتره محاسبية‬
    B) COGS
    Inventory 12,000
    6. Returns of merchandise (Two entry) (One entry)
    sale (a) Sales value (a) sale of returns
    A) Sales Return Sales Returns And Allowances 1,000 Sales Returns And Allowances 1,000
    Accounts receivable 1,000 Accounts receivable 1,000
    (b) cost value (b) cost of returns
    B) Cost of returns
    Inventory 500 No Entry
    COGS 500
    7. Collecting in Cash Cash 22,700 Cash 22,700
    Within the 2% discount period Sales discount 230 Sales discount 230
    A/R 23,000 A/R 23,000

    You might also like