Asked by elizabeth odegard on Jul 21, 2024
Verified
Prepare the necessary general journal entry for June 28.
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Perpetual Inventory Method
An accounting method that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
General Journal Entry
A general journal entry is a record in the general journal that is used to document business transactions according to the double-entry bookkeeping system.
- Proficiency in documenting purchases, payments, and returns of goods transactions in the context of a continuous inventory system.
- Comprehend the perpetual inventory method and its implementation in accounting for merchandise.
- Enhance proficiency in creating entries in the general journal for the procurement of goods, factoring in freight charges and returned items.
Verified Answer
YJ
Learning Objectives
- Proficiency in documenting purchases, payments, and returns of goods transactions in the context of a continuous inventory system.
- Comprehend the perpetual inventory method and its implementation in accounting for merchandise.
- Enhance proficiency in creating entries in the general journal for the procurement of goods, factoring in freight charges and returned items.
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