Journal Entries Under the Perpetual Inventory System

Journalize Adjusting Entry for a Merchandising Business: Perpetual Inventory System

Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder's Materials, $482,730. 3 Purchased merchandise for cash, $394,720. 5 Sold merchandise on account to Champa Construction for $22,640. The merchandise cost $17,960 Prepare journal entries under the perpetual inventory system. If an amount box does not require an entry, leave it blank. Page: 1 DOC. POST. DEBIT CREDIT NO DATE ACCOUNT TITLE 1 Jun. 1 4 Jun 3 7 Jun. 5 10 Jun. 5 10 11 11 12 12