Journal entries: Periodic

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Created by
Hannah Michae

Cards (10)

  • The purchasing of goods
    Dr purchases
    Cr bank/creditors
  • The sale of goods
    Dr Bank/Debtors
    Cr Sales
  • Recording of closing inventory
    Dr Inventory
    Cr Cost of sales
  • Purchase returns
    Dr Bank/Creditors
    Cr Purchase returns
    Dr Purchase returns
    Cr purchases
  • Sales returns
    Dr Sales returns
    Cr Bank/ Debtors
    Dr Sales
    Cr sales returns
  • Closing of opening inventory
    Dr Cost of Sales
    Cr Inventory
  • Closing of purchases
    Dr cost of sales
    Cr purchases
  • Closing of cost of sales
    Dr Trade account
    Cr Cost of sales
  • Normal inventory losses
    Do not record
  • Abnormal inventory losses
    Dr inventory loss
    Cr cost of sales