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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?

User Nimesh Madhavan
by
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1 Answer

3 votes
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
User BHF
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