I-05.04 Worksheet

I-05.04 Worksheet - Name I-05.04 Date Section GENERAL...

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Unformatted text preview: Name: I-05.04 Date: Section: GENERAL JOURNAL Date Page Accounts Debit Credit T#1 Periodic -- recording of purchase (assuming gross method) vs. Periodic -- recording of purchase (assuming net method) vs. Perpetual -- recording of purchase (assuming gross method) vs. Perpetual -- recording of purchase (assuming net method) 1 of 4 Name: I-05.04 Date: Section: GENERAL JOURNAL Date Page Accounts Debit Credit T#2 Periodic -- recording of payment (assuming gross method) vs. Periodic -- recording of payment (assuming net method) vs. vs Perpetual -- recording of payment (assuming gross method) vs. Perpetual -- recording of payment (assuming net method) 2 of 4 Name: I-05.04 Date: Section: GENERAL JOURNAL Date Page Accounts Debit Credit T#3 Periodic -- recording of sale (assuming gross method) vs. Periodic -- recording of sale (assuming net method) vs. and Perpetual -- recording of sale (assuming gross method) vs. and Perpetual -- recording of sale (assuming net method) 3 of 4 Name: Date: (b) I-05.04 Section: With the perpetual system, the general ledger tracks the cost of goods sold on an ongoing basis. The account contains _____________. Further, the Inventory account contains __________ . With the gross periodic system, the calculation of cost of goods sold would be as follows: Beginning inventory Plus: Net purchases Cost of goods available for sale Less: Ending inventory * Cost of goods sold Cost of goods sold With the net periodic system, the calculation of cost of goods sold would be as follows:. Beginning inventory Plus: Purchases Cost of goods available for sale Less: Ending inventory * Cost of goods sold * Ending inventory would be determined by a physical count (this presentation assumes it would "match" amounts found in the perpetual system ledger). 4 of 4 ...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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I-05.04 Worksheet - Name I-05.04 Date Section GENERAL...

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