REVIEW:

  1. What is the difference between periodic & perpetual inventory systems?
  2. Under which account is the sale of merchandise recorded in the journal & ledger? What type of account is it? What is the normal balance side? Which financial statement does it appear on?

Chapter 9 Sales & Purchases

GOAL: Before you leave today you will be able to use a general journal and the periodic inventory system, to record sales and sale-related transactions; then you will post to the general ledger and the accounts receivable ledger.

    1. Log in to cengagenow
    2. Click Study Tools
    3. Click Adaptive Study Plans
    4. Next to Chapter 9 – Sales & Purchases click Resume Studying
    5. Under Objectives & Study Materials click 2. Using a general journal and the periodic inventory system, record sales and sale-related transactions; then post to the general ledger and the accounts receivable ledger.
    6. Under Study Materials click  eBook – 9.2: Recording Sales Transactions in a General Journal  follow along while watching this video
    7. WATCH: Show Me How: Using a general journal and the periodic inventory system, record sales and sale-related transactions; then post to the general ledger and the accounts receivable ledger. 
    8. DO–SHOW ME AS YOU FINISH EACH ONE: