This document contains accounting journal entries for a business using both a perpetual and periodic inventory system. It records transactions for revenues, expenses, assets, liabilities and capital over a month. Key transactions include initial capital contribution, purchases and sales of inventory and other assets, payment of expenses and wages, as well as periodic financial statements showing cost of goods sold under each system.

1. BOOKKEEPING NCIII SET 1 – PERPETUAL INVENTORY SYSTEM
DATE DESCRIPTION REF DEBIT CREDIT
1 Cash 39,000
Lopez, Capital 39,000
2 Equipment 10,000
Cash 10,000
2 Merchandise Inventory 15,900
Accounts Payable 15,900
3 Supplies 700
Cash 700
4 Accounts Receivable 15,200
Sales 15,200
Cost of Goods Sold 12,200
Merchandise Inventory 12,200
5 Freight out 200
Cash 200
6 Accounts Payable 300
Merchandise Inventory 300
11 Accounts Payable 15,600
Cash 15,288
Merchandise Inventory 312
13 Cash 14,896
Sales Discount 304
Accounts Receivable 15,200
14 Merchandise Inventory 14,400
Cash 14,400
15 Salaries 1,500
Cash 1,500
16 Cash 12,000
Notes Payable 12,000
17 Cash 500
Merchandise Inventory 500

2. 18 Merchandise Inventory 14,200
Accounts Payable 14,200
20 Merchandise Inventory 700
Cash 700
23 Cash 16,400
Sales 16,400
Cost of Goods Sold 10,500
Merchandise Inventory 10,500
26 Merchandise Inventory 12,300
Cash 12,300
27 Accounts Payable 9,000
Cash 9,000
28 Lopez, Drawings 2,008
Cash 2,008
29 Sales Returns & Allowances 900
Cash 900
30 Accounts Receivable 13,700
Sales 13,700
Cost of Goods Sold 11,000
Merchandise Inventory 11,000
30 Advertising Expense 1,000
Utilities 400
Rent Expense 3,500
Salaries 1,500
Cash 6,400

3. BOOKKEEPING NCIII SET 2 – PERIODIC INVENTORY SYSTEM
DATE DESCRIPTION REF DEBIT CREDIT
1 Cash 39,000
Lopez, Capital 39,000
2 Equipment 10,000
Cash 10,000
2 Purchases 15,900
Accounts Payable 15,900
3 Supplies 700
Cash 700
4 Accounts Receivable 15,200
Sales 15,200
5 Freight out 200
Cash 200
6 Accounts Payable 300
Purchase Returns & Allowances 300
11 Accounts Payable 15,600
Cash 15,288
Purchase Discount 312
13 Cash 14,896
Sales Discount 304
Accounts Receivable 15,200
14 Purchases 14,400
Cash 14,400
15 Salaries 1,500
Cash 1,500
16 Cash 12,000
Notes Payable 12,000
17 Cash 500
Purchase Returns & Allowances 500
18 Purchases 14,200
Accounts Payable 14,200

4. 20 Freight In 700
Cash 700
23 Cash 16,400
Sales 16,400
26 Purchases 12,300
Cash 12,300
27 Accounts Payable 9,000
Cash 9,000
28 Lopez, Drawings 2,008
Cash 2,008
29 Sales Returns & Allowances 900
Cash 900
30 Accounts Receivable 13,700
Sales 13,700
30 Advertising Expense 1,000
Utilities 400
Rent Expense 3,500
Salaries 1,500
Cash 6,400
COST OF GOODS SOLD:
Inventory, April 1 0
Add:
Purchases 56,800
Freight in 700
Less:
Purchases Returns & Allowance (800)
Purchase Discounts (312)
Goods Available for Sale 56,388
Less: Inventory, April 30 (25,000)
COST OF GOODS SOLD 31,388