Last In First Out LIFO Periodic

In this presentation we will discuss the lastin first out inventory system on a periodic basis rather than a perpetual basis. As we go through this process, we want to always be comparing those to one, the LIFO or lastin first out system to other systems such as first in first out and average, as well as comparing the perpetual system to the periodic system. We’re going to go through this by looking at a problem the problem going into a worksheet such as this, I do recommend learning this worksheet. This worksheet should look repetitive if you seen the first in first out presentation as well as presentations for the perpetual system.

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First In First Out (FIFO) Periodic System

In this presentation we will discuss first in first out or FIFO using a periodic system as compared to a perpetual system. As we go through this, we want to keep that in mind all the time that been that we are using first in first out as opposed to some other systems lastin first out, for example, or average cost, and we’re doing so using a periodic system rather than a perpetual system. Best way to demonstrate is with examples. So we’ll go through an example problem. We’re going to be using this worksheet for our example problem. It looks like an extended worksheet or large worksheet, but it really is the best worksheet to go through in order to figure out all the components of problems that deal with these cost flow assumptions, including a first in first out lastin first out, or an average method, and using a periodic or perpetual for any of them.

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Cash Receipts Journal 40

In this presentation we will talk about the cash receipts journal. The cash receipts journal will be used when we have cash receipts when using a more of a manual system or a data input system that we will be doing by hand as opposed to an automated system. It’s still useful to know the cash receipts journal if using an automated system for a few different reasons. One is that we might want to generate reports from an automated system, similar to what we would be creating in a manual system for a cash receipts journal. And to it’s just a good idea to have different types of systems in mind, so we can see what’s the same and what is different between different accounting systems. The cash receipts journal will be used for every time we have a cash receipts. So the thing that transaction triggering a cash receipt will be when cash is being used. And we’re going to have a little bit more complex complexity in a cash receipts journal than something like a sales journal because we may be receiving cash for multiple different things.

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Purchase Journal Merchandising Co.

In this presentation we will take a look at the purchases journal for a merchandising company. Purchases journal will be used when we make purchases for a type of system that will typically more be more of a manual system as opposed to an automated system. However, it is useful to know this in order to have an automated system because the automated system will generate reports that will be similar to a purchase journal and because it’s good to know how different system works to know what are similar what’s different, so that we better understand whatever system we are using. The purchases journal may better be described as the purchase journal on account. So that’s going to be the major point meaning if we make purchases for something that in cash if we spent cash to make the purchase then it will not go in the purchases journal even though we made a purchase because it will go into cash payments journal. So this is really kind of a short name. The accounts payable journal might be a better name for it or the purchases journal on account, but purchases journal is typically the term that will be used.

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Sales Journal Merchandising Co.

In this presentation, we will take a look at a sales journal for a merchandising company. When recording transactions related to a sales journal, we will be recording transactions for sales into the sales journal those been journal entries that are typically used when we have a system done by hand rather than an automated system. So a sales journal will be used. Typically when we’re having more of a manual system. It is good to know this for a automated system as well. Because the automated system one might want to run reports that are similar to the sales journal and to it’s good to know different types of formats for the accounting process to know what’s the same and what is different. So that that will better help us to understand any type of system we are using.

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Sales Journal Service Company 10

In this presentation, we will take a look at the sales journal for a service company. We’ll use the sales journal in a manual system or a system we do by hand. When we make sales. However, it’s a little bit more complicated than that because if sales journal really means sales that we make on account, meaning we’re not receiving cash at the point in time we make the sale. If we do receive cash at the point in time we make sale even though we have sales being recorded or revenue accounts being recorded. It should be going into the cash receipts journal, because that’s the journal we use whenever we get cash. So the better term for this journal may be something like accounts receivable, or more specifically, sales made on accounts or sales and accounts receivable, but it’s typically called the sales journal. So don’t let that confuse you.

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