journal entries for inventory

olem 9 Journal Entries for Inventory Nolct Both Perpetual and Periodic systems are fair game for the final. Transactions can involve purchases and ales. AutoZone, Inc. uses the perpetual system of inventory and the net method for purchase and sales discounts. 1) On 3/15/19, AutoZone purchases $5,000 (gross) of inventory on account. The invoice is dated 3/15/19 with terms 2/10,n/30. 2) On 3/20/19, AutoZone returns $1,000 (gross) of worth of inventory. 3) On 3/24/19, AutoZone pays the invoice associated with the 3/15/19 purchase. Provide the entry for the transaction on 3/15/19: Provide the entry for the transaction on 3/24/19