Journal entries test 2
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16 Terms
Perpetual method Buyers - Purchase
Debit Inventory
Credit A/P
Perpetual method Buyers - Purchase returns
Debit A/P
Credit Inventory
Perpetual method Buyers - Purchase discount
Debit A/P
Credit Inventory
Credit Cash
Perpetual method Buyers - FOB shipping point
Debit Inventory
Credit Cash
Perpetual method Sellers - Sales
Debit A/R
Credit Sales revenue
Debit COGS exp
Credit Inventory
Perpetual method Sellers - Sales returns
Debit Sales returns
Credit A/R
Debit Inventory
Credit COGS
Perpetual method Sellers - Sales discounts
Debit Cash
Debit Sales discounts
Credit A/R
Perpetual method Sellers - FOB shipping destination
Debit SG&A expense
Credit Cash
Periodic method Buyers - Purchase
Debit purchases
Credit A/P
Periodic method Buyers - Purchase returns
Debit A/P
Credit Purchases
Periodic method Buyers - Purchase discount
Debit A/P
Credit Purchase Discounts
Credit Cash
Periodic method Buyers - FOB Shipping point
Debit Freight in
Credit cash
Periodic method Sellers - Sales
Debit A/R
Credit Sales Revenue
Periodic method Sellers - Sales returns
Debit Sales-returns
Credit A/R
Periodic method Sellers - Sales discounts
Debit Cash
Debit Sales discounts
Credit A/R
Periodic method Sellers - FOB Shipping destination
Debit SG&A expense
Credit Cash
