The purchases journal is identical under both the periodic and the perpetual inventory systems.

Question

Quizplus · Accepted Answer

In a periodic inventory system, purchases are recorded in a purchases journal as they occur, but the cost of goods sold is calculated only at the end of the accounting period. In a perpetual inventory system, inventory and cost of goods sold are updated continuously, so purchases are recorded directly in the inventory account, not in a separate purchases journal.

The Purchases Journal Is Identical Under Both the Periodic and the Perpetual