Inventory Journal Entries Example | Periodic Inventory System
In this accounting lesson, we explain what the Periodic Inventory System is and go through an example where we do the journal entries under the periodic inventory system. We go through transactions where we bough inventory using cash and where we sold inventory. In our journal entry, we account for purchases (which is a temporary account under the periodic inventory system), bank, sales, inventory (at the end of the period under the periodic inventory system)..
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