Perpetual System Journal Entries Seller (Sale entries)

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5 Terms

1
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To pay off Inventory Purchases, When discount isn’t taken

Dr. Accounts Payable

Cr. Cash

2
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Sale of Merchandise: 2 entries

Dr. Accounts Receivable

Cr. Sales

Dr. COGS

Cr. Inventory

3
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Sales Returns and allowanaces

Dr.Sales Returns & allowances

Cr. Accounts Receivable

Dr. Inventory

Cr. COGS

4
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Sales Discounts (when discount is taken)

Dr. Cash

Dr. Cash/Sales Discount

Cr. Accounts Receivable

5
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To record receipt of payment from sale, when discount is not taken

Dr. Cash

Cr. Accounts Receivable