ACCT 203 Lecture Notes - Lecture 5: Perpetual Inventory, Gross Margin, Net Income
Document Summary
Major concepts and skills i expect you to learn related to topic 5: you should be able to demonstrate your understanding of the perpetual inventory system by being. Incurrence and payment of transportation-in costs (with cash or on account). able to record the following events using both fsets and journal entries: Purchase of merchandise inventory (with cash or on account). Sale of merchandise inventory, using the perpetual inventory system (with cash or on account). Return of goods previously sold to a customer, i. e. sales returns (with cash or on account). Allowance granted to a customer for goods previously sold, i. e. , sales allowance (with cash or. Incurrence and payment of transportation-out costs (with cash or on account). on account). Return of goods previously purchased from a supplier, i. e. , purchase returns (with cash or on account). Allowance goods previously purchased from a supplier, i. e. , purchase allowances (with cash or on account).
