Journal Entries Under the Perpetual Inventory SystemBhushan 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: 1ROW NUMBERDATEACCOUNT TITLEDOC.NO.POST.REF.DEBITCREDITROW NUMBER120--June 1 blankblank- Select -- Select -12blank blankblank- Select -- Select -23blankblankblankblankblankblank34June 3 blankblank- Select -- Select -45blank blankblank- Select -- Select -56blankblankblankblankblankblank67June 5 blankblank- Select -- Select -78blank blankblank- Select -- Select -89blankblankblankblankblankblank910June 5 blankblank- Select -- Select -1011blank blankblank- Select -- Select -1112blankblankblankblankblankblank12

DATENOTESJune 1For the purchases on account, we debit "Inventory" or Merchandise Inventory"…

Answered: Journal Entries Under the Perpetual…

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 20EB: Prepare journal entries to record the following transactions. A. November 19, purchased merchandise...

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Question

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