Asked by Yating Zhong on Apr 28, 2024
Verified
Prepare the necessary general journal entry for June 17. Received the goods from Ajax.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________
Perpetual Inventory Method
An inventory system that updates inventory accounts after each purchase or sale on a continuous basis.
General Journal Entries
The recordation of financial transactions in the general journal in chronological order, which are then posted to individual accounts in the general ledger.
- Mastery in the recording of merchandise purchases, monetary disbursements, and returns transactions through the perpetual inventory methodology.
- Learn the fundamentals of the perpetual inventory system and its role in accounting for merchandise.
- Foster the capability to compile general journal entries for the acquisition of merchandise, inclusive of related freight costs and returns.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
No entry needed; the freight was prepaid by Ajax and billed to Bixby.
Learning Objectives
- Mastery in the recording of merchandise purchases, monetary disbursements, and returns transactions through the perpetual inventory methodology.
- Learn the fundamentals of the perpetual inventory system and its role in accounting for merchandise.
- Foster the capability to compile general journal entries for the acquisition of merchandise, inclusive of related freight costs and returns.
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