Perpetual inventory system general entries

DESCRIPTION	DEBT	CREDIT
PURCHASE OF  INVENTORY	Inventory	Accounts payable /cash
INCURRED  TRANSPORTATION  COST	Inventory	Cash
RETURNED  GOODS TO  SUPPLIER	Accounts payable/cash	Inventory
SOLD GOODS	Cash/Accounts  receivable	Sales
SOLD  GOODS	Cost of goods sold	Inventory
GOODS  RETURNED BY  CUSTOMER	Return inward	Cash/ Accounts  receivable
GOODS  RETURNED BY  CUSTOMER	Inventory	Cost of goods sold
ENDING INVENTORY	None	None
NRV ADJUSTMENT	Cost of goods sold	Inventory
NORMAL LOSS  OF STOCK	Cost of goods sold	Inventory
ABNORMAL LOSS  OF STOCK	Stock loss	Inventory
GOODS USED  AS ADVERTISEMENT MATERIAL OR DONATED	Advertisement/Donation	Inventory
GOODS  WITHDRAWN	Drawings	Inventory

Categories: Perpetualinventorysystemgeneralentries