Using the periodic inventory system, state which accounts are used and whether the account is debited or credited. All transactions involve the purchase of inventory
Transaction Accounts Used/ Is the account debited or credited?
Purchase of inventory on account
Prior to payment, returned inventory to the seller
Payment of freight bill
What will be an ideal response
Transaction Accounts Used/ Is the account debited or credited?
Purchase of inventory on account Purchases - debited
Accounts Payable - credited
Prior to payment, returned inventory to the seller Accounts Payable - debited
Purchase Returns and Allowances - credited
Cash payment of freight bill Freight In - debited
Cash - credited
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