Answer:
Check the explanation
Explanation:
The journal entry (which can comprise of a number of different item recordings, each of the items to be recorded will is either a credit or a debit. The overall figure in the debit side of the journal must be equal the overall figure in the credit side, or the journal entry will be considered unbalanced.) to the above question can be seen in the attached images below.
Answer:
The difference between periodic and perpetual inventory systems is that to determine opening and closing inventory, the periodic inventory system needs an actual stock count while the perpetual inventory system requires record keeping being maintained and updated.
Explanation:
1. Perpetual
Opening stock No entry
Stock bought Dr Inventory 159 000 Cr Accounts payable 159 000
Freight charges Dr Inventory 14 000 Cr Bank 14 000
Inventory returned Dr Accounts payable 16 000 Cr Inventory 16 000
Sales Dr Accounts receivable 254 000 Cr Sales 254 000
Cost of sales Dr Cost of goods sold 152 000 Cr Inventory 152 000
Closing stock No entry
2. Periodic
Opening stock Dr Cost of goods sold 29 000 Cr Inventory 29 000
Purchases Dr Purchases 159 000 Cr Accounts payable 159 000
Freight Charges Dr Freight costs 14 000 Cr Bank 14 000
Sales Dr Accounts receivable 254 000 Cr Sales 254 000
Closing stock Dr Inventory 34 000 Cr Cost of goods sold 152 000
Cost of sales No entry
