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Lecture

Periodic Inventory System Journal Entries.docx

3 Pages
112 Views

Department
Accounting
Course Code
ACC 333
Professor
Douglas King

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Description
Periodic Inventory System Journal Entries In periodic inventory system inventory changes are recorded via following journal entries Inventory Purchase Journal Entry The purchase of inventory is recorded by debiting purchases account and crediting cash or accounts payable DebitPurchases Credit CashAccounts Payable Purchase Discount Journal Entry To record purchase discount in periodic inventory system following journal entry is passed DebitAccounts Payable Credit Purchase Discounts Note The above two journal entries are usually combined as a single journal entry which is shown below DebitAccounts Payable Credit
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