Inventory

1-Nov Capital 960 5-Nov Cost of Goods Sold 1320

3 Account payable 1600 9 Account Payable 400
10 Cost of Goods Sold 120 19 Cost of Goods Sold 1560
13 Account payable 800
20 Cost of Goods Sold 160

Cash at Bank
14-Nov Account Payable ### 4 Freight In Expence 60
19 Sales Revenue 2340 5 Freight Out Expence 30
9 Account Payable 1176
20 Account Payable 240
22 Account Payable 784

Account Payable
9-Nov Cash at Bank 1176 3 Inventory 1600
9-Jan Inventory 400 13 Inventory 800
20 Cash at Bank 240 20 Sales Return 240
22 Cash at Bank 784

Freight In Expense
5-Nov Cash at Bank 30

Freight Out Expense

4-Nov Cash at Bank 60

Account Receivable
5-Nov Sales Revenue 880 10 Sales Return 180
14 Cash at Bank ###

Sales Revenue
5-Nov Account Receivable 880
19 Cash at Bank 2340

Cost of Goods Sold

5-Nov Inventory 1320 10 Inventory 120
19 Cash at Bank 1560 20 Inventory 160

Sales Return
10-Nov Account Receivable 180
20 Account Payable 240
Perpetual system
Lighthouse
Income Statement for the Month Ended 30 Nov 2010

Sales Revenue 3220

Less Sales Retuens 420
Net Sales Revenue 2800
Less Cost of Goods Sold 2600 2600
Gross Profit 200
Less Inventory Loss 400 400
Profit -200

Perodic system
Lighthouse
Income Statement for the Month Ended 30 Nov 2010

Sales Revenue 3220

Less Sales Returns 420
Net Sales Revenue 2800
Less Cost of Goods Sold
Inventory 1 Nov 2010 960
Plus Purchases Expense 2400
Less Purchases Return 400
Less Inventory 30 Nov 2010 760 2200
Gross Profit 600
Perodic

Inventory
1-Nov Capital 960 30
30 Cost of Goods Sold 760

Purchases
3-Nov Account Payable 1600 30
13 Account Payable 800

Account Payable 3
9-Nov Purchases Return 400 13
9 Cash at Bank 1176 20
20 Cash at Bank 240
22 Cash at Bank 784

Freight In Expense
4-Nov Cash at Bank 60

Cash at Bank
14-Nov Account Receivable 1105.8 4
19 Sales Revenue 2340 5
9
20
22

Freight Out Expense

5-Nov Cash at Bank 30

Purchaes Returns
30-Nov Cost of Goods Sold 400 9

Sales Return
10-Nov Account Reveivable 180
20 Account Payable 240

Account Receivable
5-Nov Sales Revenue 880 10-Jan
14

Sales Revenue
5-Nov
19-Nov
Cost Of Goods Sold
30-Nov Inventory 960 30
30 Purchases 2400 30
Cost of Goods Sold 960

Cost of Goods Sold 2400

Purchases 1600
Purchases 800
Sales Return 240

Freight In Expense 60
Freight Out Expense 30
Acoount Payable 1176
Acoount Payable 240
Acoount Payable 784

Account Payable 400

Sales Return 180

Cash at Bank 1105.8

Account Receivable 880

Cash at Bank 2340

Purchases Return 400

Inventory 760