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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 Partnership152    2,4001,800
        15 Magnolia  Enterprises 153    3,8002,500
        21 Oxford Company154    5,5003,600
      
    11,7007,900
      

 

Cash Receipts Journalpage 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, continued
SOLUTIONS
   
Learning Goal 24: Identify an Accounting System and Explain Its Features
S3
 
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