33 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System . On the other hand, perpetual system updates the ending units and cost of goods sold continuously. Purchases are debited to inventory and sales are credited to inventory, with the debit going to the cost of goods sold account. The journal entry to record the purchase of inventory on account under the periodic inventory system is: debit Inventory and credit Accounts Payable. The inventory is physically counted at the end of the financial period to determine the cost of ending units in hand and the cost of goods sold under periodic inventory system.

In each case the periodic inventory system journal entries show the debit and credit account together with a brief narrative. Under a periodic inventory system, closing entries will include 167. Companies using periodic inventory do not adjust the actual inventory balance until adjusting entries are made at year end. (Easier with a computer!) This system does not keep continuous, moment-to-moment records of inventories. A merchandiser purchased inventory on account for $18,000. B. Solution for Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point of sale will include which of the… Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to. Companies record an inventory purchase under the periodic inventory system by debiting the purchases account, and sales are made with no adjustment to the inventory account. debit Cost of Goods Sold and credit Accounts Payable. Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to Question options: 1) Accounts Payable 2) Cost of Merchandise Purchased 3) Merchandise Inventory 4) Purchases under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point of sale will include the following account none of the above is the answer out of choices: purchases, cost of merchandise sold and inventory debit Purchases and credit Accounts Payable. A. 165. … Following are the typical journal entries under a periodic inventory system: Inventory Purchase: The purchase of inventory is recorded by debiting purchases account and crediting accounts payable. Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point of sale will include the following account A. Purchases C. Accounts Payable D. Cost of Merchandise Purchased Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. under the periodic inventory system, the journal entry to record the purchase would include _____. a. a debit to accounts payable for $18,000 and a credit to purchases for $18,000 b. a debit to accounts payable for $18,000 and a credit to merchandise inventory for $18,000 Where one does periodic inventory counts (such as once a month, or at the beginning and end of each year), and does not have an accurate record of the inventories in between these points – well, this is a periodic system.. Purchases C. Accounts Payable D. Cost of Merchandise Purchased The periodic inventory system journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting under a periodic inventory system. Merchandise Inventory B. Merchandise Inventory B. debit Inventory and credit Cost of Goods Sold. Cost of merchandise sold C. Inventory D. Purchases 166. Under the perpetual inventory system, the records are updated every time the inventory changes. Under the perpetual inventory method each time there is a movement journals are processed to record the change. Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to. For a fuller explanation of journal entries, view our examples section. No entry is made. A. Under the periodic inventory system, the inventory is checked only periodically – when someone goes to the stockroom, for example, and physically counts how many items are in there.



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