Perpetual Accounting
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Vendor gives allowance
Debit AP, Credit Inventory
Deliver product to customer who buys on account
Debit AR, Credit Sales Debit CGS, Credit Inventory When customer pays: Debit Cash, Debit SD, Credit AR
Take delivery from vendor for product 2/10 net 30
Debit Inventory, Credit AP When company pays vendor within discount period: Debit AP, Credit Cash, Credit Inventory
Company pays freight in
Debit Inventory, Credit Cash
Customer returns product
Debit SRA, Credit AR Debit Inventory, Credit CGS
