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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 3, Problem 9GI
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 26GI
Problem 27GI
Problem 28GI
Problem 29GI
Problem 30GI
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is a perpetual inventory accounting system? What journal entries are involved?

To determine

Explain the meaning of perpetual inventory accounting system, and state the journal entries that are involved in this system.

Explanation

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Explain the meaning of perpetual inventory accounting system and state the journal entries that are involved in this system as follows:

Perpetual inventory system refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases, and sales on a continuous basis. It shows the exact inventory on hand at any point of time.

Journal entry at the time of inventory purchase:

DateAccount Title & ExplanationDebit ($)Credit($)
XXXInventoryXXX 
 Cash/Accounts payable XXX
 (To record the inventories purchased on account/with cash)  

Table (1)

Journal entry at the time of sale of inventory:

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Chapter 3 Solutions

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Ch-3 P-1GICh-3 P-2GICh-3 P-3GICh-3 P-4GICh-3 P-5GICh-3 P-6GICh-3 P-7GICh-3 P-8GICh-3 P-9GICh-3 P-10GI
Ch-3 P-11GICh-3 P-12GICh-3 P-13GICh-3 P-14GICh-3 P-15GICh-3 P-16GICh-3 P-17GICh-3 P-18GICh-3 P-19GICh-3 P-20GICh-3 P-21GICh-3 P-22GICh-3 P-23GICh-3 P-24GICh-3 P-25GICh-3 P-26GICh-3 P-27GICh-3 P-28GICh-3 P-29GICh-3 P-30GICh-3 P-1RECh-3 P-2RECh-3 P-3RECh-3 P-4RECh-3 P-5RECh-3 P-6RECh-3 P-7RECh-3 P-8RECh-3 P-9RECh-3 P-10RECh-3 P-11RECh-3 P-1ECh-3 P-2ECh-3 P-3ECh-3 P-4ECh-3 P-5ECh-3 P-6ECh-3 P-7ECh-3 P-8ECh-3 P-9ECh-3 P-10ECh-3 P-11ECh-3 P-12ECh-3 P-13ECh-3 P-14ECh-3 P-15ECh-3 P-1PCh-3 P-2PCh-3 P-3PCh-3 P-4PCh-3 P-5PCh-3 P-6PCh-3 P-7PCh-3 P-8PCh-3 P-9PCh-3 P-10PCh-3 P-11PCh-3 P-12PCh-3 P-13PCh-3 P-14PCh-3 P-15PCh-3 P-16PCh-3 P-17P

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