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LG 24-2.

Perpetual inventory system:

Sales Journal page xxx   Date Customer Account  Invoice Number  Post.  Ref.    Dr. Accounts Receivable     Cr. Sales    Dr. Cost of Goods Sold    Cr. Merchandise Inventory  2008            March 3    Tupelo Partnership 152      2,400 1,800         15  Magnolia  Enterprises  153      3,800 2,500         21  Oxford Company 154      5,500 3,600                     11,700 7,900

Cash Receipts Journal page xxx   Date Other Accounts Debits Credits Dr. Cost of Goods Sold  Cr. Inventory  Account Name  Post.  Ref. Cash Sales  Discount   Other  Accounts   Accounts  Receiv.  Sales   Sales Tax  Payable Other  Accounts  2008                      Mar. 8  J. Madison, Capital   10,000           10,000         11     945       900 45   600       14 Tupelo Partnership   2,352 48   2,400               27 Magnolia Enterpr.   3,724 76   3,800               28     525       500 25   250       31 Unearned Revenue   4,200           4,200         21,746 124   6,200 1,400 70 14,200 850

Learning Goal 24: Identify an Accounting System and Explain Its Features

S3

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