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    Perpetual Inventory - JOURNAL

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    G09 CARGANILLA, Angelika M.
    This perpetual inventory journal tracks various financial transactions of a business from December 1-31. It records purchases and sales of inventory, supplies, and equipment using cash and accounts. Expenses like salaries, rent, and utilities are also paid in cash. The business took an initial investment, borrowed money, made refunds and sales returns, and paid down accounts payable. At the end of the month, the owner withdrew cash for personal use.

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    Download as PDF, TXT or read online from Scribd

    Perpetual Inventory - JOURNAL

    Uploaded by

    G09 CARGANILLA, Angelika M.
    30 views3 pages
    This perpetual inventory journal tracks various financial transactions of a business from December 1-31. It records purchases and sales of inventory, supplies, and equipment using cash and accounts. Expenses like salaries, rent, and utilities are also paid in cash. The business took an initial investment, borrowed money, made refunds and sales returns, and paid down accounts payable. At the end of the month, the owner withdrew cash for personal use.

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    This perpetual inventory journal tracks various financial transactions of a business from December 1-31. It records purchases and sales of inventory, supplies, and equipment using cash and accounts. Expenses like salaries, rent, and utilities are also paid in cash. The business took an initial investment, borrowed money, made refunds and sales returns, and paid down accounts payable. At the end of the month, the owner withdrew cash for personal use.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    30 views3 pages

    Perpetual Inventory - JOURNAL

    Uploaded by

    G09 CARGANILLA, Angelika M.
    This perpetual inventory journal tracks various financial transactions of a business from December 1-31. It records purchases and sales of inventory, supplies, and equipment using cash and accounts. Expenses like salaries, rent, and utilities are also paid in cash. The business took an initial investment, borrowed money, made refunds and sales returns, and paid down accounts payable. At the end of the month, the owner withdrew cash for personal use.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    PERPETUAL INVENTORY JOURNAL

    Date Accounts Title & Explanation Ref Debit Credit

    1-Dec Cash 101 ₱ 100,000.00


    D. Natuwa, Capital 301 ₱ 100,000.00
    Initial Investment

    2-Dec Supplies 104 ₱ 2,500.00


    Cash 101 ₱ 2,500.00
    Bought supplies on cash

    2-Dec Merchandise Inventory 103 ₱ 15,000.00


    Cash 101 ₱ 15,000.00
    Bought merchandise on cash

    3-Dec Cash 101 ₱ 20,000.00


    Notes Payable 202 ₱ 20,000.00
    Borrowed money

    4-Dec Equipment 105 ₱ 8,000.00


    Cash 101 ₱ 8,000.00
    Bought equipment on cash

    5-Dec Merchandise Inventory 103 ₱ 15,000.00


    Accounts Payable 201 ₱ 15,000.00
    Bought mechandise on account

    6-Dec Accounts Payable 201 ₱ 500.00


    Cash 101 ₱ 500.00
    Paid freight on cash

    8-Dec Merchandise Inventory 103 ₱ 12,000.00


    Accounts Payable 201 ₱ 12,000.00
    Bought merchandise on account

    10-Dec Accounts Receivable 102 ₱ 15,000.00


    Sales 401 ₱ 15,000.00
    Sold merchandise on account

    10-Dec Cost of Goods Sold 501 ₱ 12,000.00


    Merchandise Inventory 103 ₱ 12,000.00
    Cost of Goods Sold

    11-Dec Freight Out 503 ₱ 500.00


    Cash 101 ₱ 500.00
    Paid freight on cash
    14-Dec Accounts Payable 201 ₱ 500.00
    Merchandise Inventory 103 ₱ 500.00
    Received for merchandise returned on account

    15-Dec Salaries Expense 505 ₱ 5,000.00


    Cash 101 ₱ 5,000.00
    Paid salaries

    16-Dec Merchandise Inventory 103 ₱ 5,000.00


    Cash 101 ₱ 5,000.00
    Bought merchandise on cash

    18-Dec Accounts Payable 201 ₱ 11,500.00


    Merchandise Inventory 103 ₱ 230.00
    Cash 101 ₱ 11,270.00
    Paid Masikap Store

    19-Dec Cash 101 ₱ 1,000.00


    Merchandise Inventory 103 ₱ 1,000.00
    Received refund on cash

    20-Dec Cash 101 ₱ 15,000.00


    Sales discount 403 ₱ 300.00
    Accounts Receivable 102 ₱ 14,700.00
    Received cash from customer

    21-Dec Accounts Payable 201 ₱ 8,000.00


    Cash 101 ₱ 8,000.00
    Paid transaction on account

    22-Dec Cash 101 ₱ 15,000.00


    Sales 401 ₱ 15,000.00
    Sold merchandise in cash

    22-Dec Cost of Goods Sold 501 ₱ 12,000.00


    Merchandise Inventory 103 ₱ 12,000.00
    Cost of goods sold

    23-Dec Sales Return & Allowances 402 ₱ 2,000.00


    Cash 101 ₱ 2,000.00
    Made refund from defective merchandise

    29-Dec Salaries Expense 505 ₱ 5,000.00


    Advertising Expense 502 ₱ 1,000.00
    Rent Expense 504 ₱ 3,000.00
    Utilities Expense 506 ₱ 2,000.00
    Cash 101 ₱ 11,000.00
    Paid operating expenses on cash

    30-Dec Accounts Receivable 102 ₱ 27,000.00


    Sales 401 ₱ 27,000.00
    Sold merchandise on account

    30-Dec Cost of Goods Sold 501 ₱ 9,000.00


    Merchandise Inventory 103 ₱ 9,000.00
    Cost of goods sold

    31-Dec D.Natuwa, Drawing 302 ₱ 5,000.00


    Cash 101 ₱ 5,000.00
    Withdrew for personal use

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