Weygandt, Accounting Principles, 10th edition Chapter 5: Accounting for Merchandising Operations study guide by cw24601 includes 24 questions covering vocabulary, terms and more. Quizlet flashcards, activities and. Accounting for Merchandising Operations Lecture Note: Acct 2301 - Principles of Accounting I from University of Texas at Arlington.
Accounting for Inventories Accounting Study Guide by AccountingInfo.com, Perpetual Inventory System Perpetual inventory system updates inventory accounts after each purchase or sale. Inventory subsidiary ledger is updated after each transaction.
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Inventory quantities are updated continuously. Periodic Inventory System Periodic inventory system records inventory purchase or sale in 'Purchases' account.
'Purchases' account is updated continuously, however, 'Inventory' account is updated on a periodic basis, at the end of each accounting period (e.g., monthly, quarterly) Inventory subsidiary ledger is not updated after each purchase or sale of inventory. Inventory quantities are not updated continuously.
Inventory quantities are updated on a periodic basis. Example 1 (Company A) On May 1, 2016: Purchased 1,000 units of merchandise at $30 per unit. Under Perpetual inventory system 5/1/2016 Debit Credit Merchandise Inventory 30,000 Accounts payable 30,000 Under Periodic inventory system 5/1/2016 Debit Credit Purchases 30,000 Accounts payable 30,000 Under periodic inventory system, all purchases during the accounting period are recorded in the 'Purchases' account. On May 6, 2016: Sold 200 units of merchandise at $50 per unit on credit.
Study Guide Accounting For Merchandising Operations Quiz
Under Perpetual inventory system 5/1/2016 Debit Credit Accounts Receivable 10,000 Sales 10,000 5/1/2016 Debit Credit Cost of goods sold 6,000 Merchandise inventory 6,000 Under perpetual inventory system, changes in merchandise inventory account are recorded after each transaction. Under Periodic inventory system 5/1/2016 Debit Credit Accounts Receivable 10,000 Sales 10,000 Under periodic inventory system, the following journal entry is recorded at the end of accounting period.