Journal entries: perpetual

• The purchase of goods


  Dr Inventory

  Cr Bank/Creditors
• The sale of goods


  Dr Bank/Debtors(SP)

  Cr sales(SP)

  Dr cost of sales(CP)

  Cr inventory(CP)
• Normal inventory loss


  Dr Cost of sales

  Cr inventory
• abnormal inventory loss


  Dr Inventory loss

  Cr inventory
• Purchase returns


  Dr Bank/Creditors

  Cr purchase returns

  Dr Purchase returns

  Cr inventory
• Sales returns


  Dr Sales returns(SP)

  Cr bank/Debtors(SP)
• Sales returns


  Dr Sales returns(SP)

  Cr Bank/Debtors(SP)

  Dr Sales(SP)

  Cr sales returns(SP)

  Dr inventory(CP)

  Cr Cost of sales(CP)
• Closing cost of sales

  Dr Trade Account

  Cr cost of sales
• Closing sales


  Dr Sales

  Cr trade account