Textbook Notes (368,122)
Canada (161,660)
Accounting (533)
ACC 100 (214)
Chapter 6

ACC 100 Chapter 6 Notes.docx

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Department
Accounting
Course
ACC 100
Professor
Walter Krystia
Semester
Winter

Description
ACC100 Chapter 6 Notes Inventory SystemsPeriodic System system in which the inventory account is updated only at the end of the periodPerpetual System system in which the inventory account is increased at the time of each purchase and decreased at the time of each saleCost of Goods Purchased o Transportationin adjunct account used to record freight costs paid by the buyers o Purchases account used in a periodic inventory system to record acquisitions of merchandise o Purchase Returns and Allowances contrapurchases account used in a periodic inventory system when a refund is received from a supplier or a reduction is given in the balance owed to a supplier o Purchase Discounts contrapurchases account used to record reductions in purchase price for early payment to a supplier
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