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

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19-08-2017
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How do i journalize purchased merchandise on account from galsten co., $360,000, terms n/30?

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Aliwohaish12 Aliwohaish12 · Answer 1 · 2017-08-19T18:42:11+02:00

Aliwohaish12 Aliwohaish12

19-08-2017

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

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