Perpetual Inventory System and How to Journalize Purchase Entries (FA Tutorial #30)
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- Опубликовано: 13 сен 2024
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So we've talked about the perpetual inventory for some time now. Well, now its time to learn how to journalize certain transactions in this system like purchases, returns, discounts along with shipping costs (Looking at FOB destination and FOB shipping).
Merchandise inventory will be used in this inventory system and will include constant cost of goods sold changes as inventory is sold and returned. Watch the entire tutorial and understand this concept to our inventory chapter!
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i always watch your videos to prepare for my tests and exams. Your videos are so helpful!! Please continue to make these videos :)
I guess im asking the wrong place but does any of you know of a tool to log back into an instagram account?
I stupidly lost the account password. I love any assistance you can offer me
You are literally the best and seriously saving my fast paced summer Accounting 201 grade right now! Love all your videos man thanks a lot!!
your a legend
this video was just what i needed ... thanks so much !
This was a very helpful video. Thank you.
Do you have videos concerning sales in Perpetual Inventory system?
thanks
thank you from TUNISIA
Is there a video which explains the payments/transactions including taxes?
very helpful , thank you
Thank you
Hi, a question. I remember that the early payment discount should not offset the cost of inventory, but only trade discount provided at the point of purchase can be seen as a reduction in the cost of the inventory, right?
There are two types of discounts, trade and a settlement discount. What he meant was that when there is a trade discount we show the inventory net off the discount like you have done. But in your case, it is a settlement discount i.e cash discount, where the JE should be DR. Inv 5000, CR. Cash 4950, CR. Discount Received 50.
Wait, i thought for purchase returns, you would Cr: Purchase returns and allowances and Dr: Cash
Ohhhhh thank you so much!
2% of 5000 is 100....
@@NotepirateDave that's what I put in my notes. Thank you for clarifying! I didn't want anyone watching this to get confused if they were just learning the invoice terms. 🙃
@@katherineleanne I'm so confused about that part, thank you for mention that
perfecttt
does merchandising uses the same accounting cycle with services business transaction?? like journal entries, general ledger, trial balance, income statement, statement of owner's equity, balance sheet,etc..... pls help
*****
Ok thanks man! Actually i've already studied the whole accounting cycle from posting journal entries to post closing trial balance using only service business transaction, i thought merchandising has different accounting cycle because it has more complicated accounts title than the services business but after you reply things are now kinda clearer to me, i would still keep on watching on your tutorials until i 100% fully familiarize everything.
thank you