Activity 1 the periodic inventory system. Bought goods for cash, R540 Account to credit OE No. Account to debit Bank -540 -540 e.g. Purchases Transactions 1 Paid R75 from petty cash for the delivery of stock to the shop 2 Bought goods on credit for R900 less 5% trade discount. 3 Sold goods for cash, R105. The cost price on these goods was Rso 4 The owner took goods for personal use, R12o. 5 Returned to the supplier goods that were not according to the sample, R395. 6 Sold goods on credit to R. Ntuli for R400. The cost price was R200 7 R. Ntuli returned damaged goods, R8o. B Issued a cheque for trading stock, R520. - The physical stock count at year end revealed stock on hand of R9 780.

Activity 1 the periodic inventory system. Bought goods for cash, R540 Account to credit OE No. Account to debit Bank -540 -540 e.g. Purchases Transactions 1 Paid R75 from petty cash for the delivery of stock to the shop 2 Bought goods on credit for R900 less 5% trade discount. 3 Sold goods for cash, R105. The cost price on these goods was Rso 4 The owner took goods for personal use, R12o. 5 Returned to the supplier goods that were not according to the sample, R395. 6 Sold goods on credit to R. Ntuli for R400. The cost price was R200 7 R. Ntuli returned damaged goods, R8o. B Issued a cheque for trading stock, R520. - The physical stock count at year end revealed stock on hand of R9 780.

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Description: How to prepare a periodic invetory system Activity 1the periodic inventory system.Bought goods for cash, R540Account to creditOENo. Account to debitBank-540-540e.g. PurchasesTransactions1 Paid R75 from petty cash for the delivery of stock to the shon

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 20MC: AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting...

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