ournal Entries Under the Perpetual Inventory System shushan Building Supplies entered into the following transad une 1 Purchased merchandise on account from Brij Builder's 3 Purchased merchandise for cash, $24,000. * Sold merchandise on account to Champa Construction merchandise cost $37,500. Prepare journal entries under the perpetual inventory syster

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, $30,000.
3 Purchased merchandise for cash, $24,000.
* Sold merchandise on account to Champa Construction for $50,000. The
merchandise cost $37,500.
Prepare journal entries under the perpetual inventory system.
Page: 1
DOC. POST.
DATE ACCOUNT TITLE
DEBIT CREDIT
NO. REF.
20--
1
June 1
2
3
3
4 June 3
4
6.
6.
June 5
7
8.
8.
9.
10 June 5
10
11
11
12
12
Transcribed Image Text: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, $30,000. 3 Purchased merchandise for cash, $24,000. * Sold merchandise on account to Champa Construction for $50,000. The merchandise cost $37,500. Prepare journal entries under the perpetual inventory system. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 June 1 2 3 3 4 June 3 4 6. 6. June 5 7 8. 8. 9. 10 June 5 10 11 11 12 12
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