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How do i journalize purchased merchandise on account from galsten co., $360,000, terms n/30?
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How do i journalize purchased merchandise on account from galsten co., $360,000, terms n/30?
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Apr 28, 2018
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How do i journalize purchased merchandise on account from galsten co., $360,000, terms n/30?
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Nimesh Madhavan
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Nimesh Madhavan
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To record the purchase of merchandise there are two methods:
1) under Perpetual Inventory System the entry is
Inventory (Dr) 360000
Accounts payable (Cr) 360000
2) under Periodic Inventory System the entry is
Purchase (Dr) 360000
Accounts payable (Cr) 360000
BHF
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May 2, 2018
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BHF
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