For each transaction that follows, indicate which numbered accounts are debited or credited by placing the account numbers in the appropriate columns assuming the use of a (1) Perpetual Inventory System and (2) Periodic Inventory

System. (Note: some transactions may require more than one entry).

                                                                            Perpetual Inventory System    Periodic System

                                                                                      Debit            Credit                 Debit       Credit

Required:

Enter the required entry for:

Purchase on credit 

 

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1. Cash 2. Merchandise inventory 5. Sales returns & allow. 8. Purchase returns & allow. 3. Accounts receivable 4. Sales 7. Purchases 6. Accounts Payable 9. Cost of goods sold Perpetual iventory Periodic Inventory system System Account ACcount ACCount ACcount Transactions debited credited debited credited Purchase on credit Purchase return for credit Purchase for cash Sa les on credit Sa le for cash Sa les return for credit Payment made on account Funds recelved on account ANS WER FORMAT: Purchase on credit 1 4 Answer your answer Into Socrative as follows: 1234 ANS WER FORMAT: Sales return for credit 1/2 3/4 5/6 7/8 Answer your answer Into Socrative as follows: 12345678 1. Cash 2. Merchandise inventory 5. Sales returns & allow. 8. Purchase returns & allow. 3. Accounts receivable 4. Sales 7. Purchases 6. Accounts Payable 9. Cost of goods sold Perpetual iventory Periodic Inventory system System Account ACcount ACCount ACcount Transactions debited credited debited credited Purchase on credit Purchase return for credit Purchase for cash Sa les on credit Sa le for cash Sa les return for credit Payment made on account Funds recelved on account ANS WER FORMAT: Purchase on credit 1 4 Answer your answer Into Socrative as follows: 1234 ANS WER FORMAT: Sales return for credit 1/2 3/4 5/6 7/8 Answer your answer Into Socrative as follows: 12345678