Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1  Purchased merchandise on account from Brij Builder’s Materials, $500,000. 3  Purchased merchandise for cash, $400,000. 5  Sold merchandise on account to Champa Construction for $20,000. The merchandise cost $15,000.   Prepare journal entries under the perpetual inventory system. Page: 1 ROW NUMBER DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT ROW NUMBER 1 20--June 1   blank blank - Select - - Select - 1 2 blank   blank blank - Select - - Select - 2 3 blank blank blank blank blank blank 3 4 June 3   blank blank - Select - - Select - 4 5 blank   blank blank - Select - - Select - 5 6 blank blank blank blank blank blank 6 7 June 5   blank blank - Select - - Select - 7 8 blank   blank blank - Select - - Select - 8 9 blank blank blank blank blank blank 9 10 June 5   blank blank - Select - - Select - 10 11 blank   blank blank - Select - - Select - 11 12 blank blank blank blank blank blank 12

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...
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Journal Entries Under the Perpetual Inventory System

Bhushan Building Supplies entered into the following transactions.

June 1  Purchased merchandise on account from Brij Builder’s Materials, $500,000.
3  Purchased merchandise for cash, $400,000.
5  Sold merchandise on account to Champa Construction for $20,000. The merchandise cost $15,000.

 

Prepare journal entries under the perpetual inventory system.

Page: 1

ROW NUMBER DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
DEBIT CREDIT ROW NUMBER
1 20--
June 1
 
blank blank - Select - - Select - 1
2 blank
 
blank blank - Select - - Select - 2
3 blank blank blank blank blank blank 3
4 June 3
 
blank blank - Select - - Select - 4
5 blank
 
blank blank - Select - - Select - 5
6 blank blank blank blank blank blank 6
7 June 5
 
blank blank - Select - - Select - 7
8 blank
 
blank blank - Select - - Select - 8
9 blank blank blank blank blank blank 9
10 June 5
 
blank blank - Select - - Select - 10
11 blank
 
blank blank - Select - - Select - 11
12 blank blank blank blank blank blank 12
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