Find the company uses a periodic inventory system

Assignment Help Financial Accounting

Reference no: EM132656878

Sales Journal (SJ): to record all sales of Inventory on credit

To ensure efficiency of its accounting procedures, the company uses the following Special Journals to maintain its accounting records:

Purchases Journal (PJ): to record all Purchases of Inventory on credit

Cash Receipts Journal (CRJ): to record all Cash Receipts

Cash Payments Journal (CPJ): to record all Cash Payments

General Journal (GJ): to r ecord all transactions other than the above.

Transactions are posted immediately to the relevant ledger account if they are entered into the general journal, the "other" column of the Cash Receipts Journal or Cash Payments Journal, or if they affect any of the Accounts Receivable or Accounts Payable subsidiary ledger accounts.

Question 1: The company uses a periodic inventory system.

Reference no: EM132656878

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