How do i journalize purchased merchandise on account from galsten co., $360,000, terms n/30?

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asked Apr 28, 2018 155k views

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BHF · Answer 1 · 2018-05-02T04:21:19+0000

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

How do i journalize purchased merchandise on account from galsten co., $360,000, terms n/30?

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