Journal entries in a perpetual inventory system:
(1). When goods are purchased:
| Inventory | xxxx | |
| Accounts payable | xxxx |
(2). When expenses such as freight-in, insurance etc. are incurred:
| Inventory | xxxx | |
| Cash | xxxx |
(3). When goods are returned to supplier:
| Accounts payable | xxxx | |
| Inventory | xxxx |
(4). When goods are sold to customers:
| Accounts receivable | xxxx | |
| Sales | xxxx | |
| Cost of goods sold | xxxx | |
| Inventory | xxxx |
(5). When goods are returned by customers:
| Sales | xxxx | |
| Accounts receivable | xxxx | |
| Inventory | xxxx | |
| Cost of goods sold | xxxx |
(6). When a difference between the balance of inventory account and physical count of inventory is found:
| Inventory over and short | xxxx | |
| Inventory | xxxx |
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