JOURNAL Options Cash recipetsPurchasesSalesCash disbursementsGeneralCR Accounts Receivable optionsSales Returns and allowancesPurchase discountsAccounts payableSales CashCR SALES optionsCost of goods soldMerchandise inventoryPurhcase discountsSales returns and allowancesCashInventory system optionsPerpetual or periodicperpetualperiodic Part A:• Fill in the missing words for the following special journal:[ Select ]JOURNALPage 27DR Accounts ReceivableDR SalesInvoiceRef.CRCRDate AccountNo.[ Select ][ Select ]This special journal is for a company using the [Select]v inventory system.Part B:• Fill in the missing words for the following special journal:[ Select ]JOURNALPage 36PurchasePurchases[ Select]Date Account Order Ref.[ Select]No.CRThis special journal is for a company using the [Select]inventory system.

In s sales journal, all credit sales are recorded. In perpetual or periodic inventory, sales are recorded in a similar way. The difference between the two methods is regarding period ending accounting of inventory in periodic and realtime updation of inventory in periodic method.Par-A So, in a sales journal, we Debit Accounts Receivable and credit sales under both periodic and perpetual system. Part-B In purchases journal, Purchases are debited and Accounts Payable is credited, under periodic system of inventory accounting.

Answered: • Fill in the missing words for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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JOURNAL Options

Cash recipets

Purchases

Sales

Cash disbursements

General

CR Accounts Receivable options

Sales Returns and allowances

Purchase discounts

Accounts payable

Sales

Cash

CR SALES options

Cost of goods sold

Merchandise inventory

Purhcase discounts

Sales returns and allowances

Cash

Inventory system options

Perpetual or periodic

perpetual

periodic

Part A:
• Fill in the missing words for the following special journal:
[ Select ]
JOURNAL
Page 27
DR Accounts Receivable
DR Sales
Invoice
Ref.
CR
CR
Date Account
No.
[ Select ]
[ Select ]
This special journal is for a company using the [Select]
v inventory system.
Part B:
• Fill in the missing words for the following special journal:
[ Select ]
JOURNAL
Page 36
Purchase
Purchases
[ Select]
Date Account Order Ref.
[ Select]
No.
CR
This special journal is for a company using the [Select]
inventory system.

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