{"id":195,"date":"2024-09-06T16:47:23","date_gmt":"2024-09-06T16:47:23","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/chapter\/sales-under-a-periodic-system\/"},"modified":"2024-09-11T19:10:06","modified_gmt":"2024-09-11T19:10:06","slug":"sales-under-a-periodic-system","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/chapter\/sales-under-a-periodic-system\/","title":{"raw":"Sales under a Periodic System","rendered":"Sales under a Periodic System"},"content":{"raw":"<section class=\"textbox learningGoals\" aria-label=\"Learning Goals\">\r\n<ul>\r\n \t<li>Record sales of inventory under a periodic system<\/li>\r\n<\/ul>\r\n<\/section>&nbsp;\r\n\r\n[caption id=\"attachment_5420\" align=\"aligncenter\" width=\"670\"]<img class=\"wp-image-5420 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/09173012\/Screen-Shot-2020-11-09-at-9.28.51-AM.png\" alt=\"See caption for link to long description.\" width=\"670\" height=\"739\" \/> See the <a href=\"https:\/\/docs.google.com\/document\/d\/1m8DW0MlHb0twBhUBrXBmHM1_5rZkSDPOkL3YtMKOGYc\/edit?usp=sharing\" target=\"_blank\" rel=\"noopener\">invoice long description<\/a> here.[\/caption]\r\n\r\nRecording sales under the periodic system of inventory accounting is significantly easier than recording purchases and tracking goods on hand. To illustrate, let\u2019s go to work for Bryan Wholesale Co. for a few minutes, and recall that when Geyer records an accounts payable, the seller will record a mirror image of that transaction (more or less):\r\n<h2>Gross Method of Recording Sales<\/h2>\r\nFirst of all, this sale is business-to-business, so in most jurisdictions in the U.S., there won\u2019t be a sales or value-added tax (VAT), but you have to know the law for your particular situation. For instance, sales taxes may be based on the shipping destination, and internet sales may have some different rules depending on your physical location.\r\n\r\nAlso, companies have various ways of recording shipping charges from customers. Some may post the charge as an offset to the expense, as an offset to a payable, or as an income item. Some companies may charge a flat-rate or predetermined amount for \u201cShipping and Handling\u201d and may be tracking that amount against the actual expenses incurred in order to determine if they are recovering those costs or even making a profit on that activity.\r\n\r\nLet\u2019s assume here that Bryan posts shipping charged to customers to a revenue (income) account called Shipping billed to customers. Thus at the end of each month, the cost accountants can compare billings to customers against shipping paid. Shipping paid or freight out is NOT part of cost of goods sold, but rather is considered a selling expense.\r\n\r\nThe journal entry to record the sale looks like this (remember, we are looking at the seller\u2019s books now):\r\n<table class=\"fin-table gridded\"><caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 101<\/span><\/caption>\r\n<thead>\r\n<tr aria-hidden=\"true\">\r\n<td colspan=\"5\"><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"col\">Date<\/th>\r\n<th scope=\"col\">Description<\/th>\r\n<th scope=\"col\">Post. Ref.<\/th>\r\n<th scope=\"col\">Debit<\/th>\r\n<th scope=\"col\">Credit<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>20--<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"row\">Dec 19<\/th>\r\n<td>Accounts Receivable<\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">20,700.00<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Dec 19<\/span><\/th>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Shipping Billed to Customers<\/td>\r\n<td><\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">700.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Dec 19<\/span><\/th>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Sales Revenue<\/td>\r\n<td><\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">20,000.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Dec 19<\/span><\/th>\r\n<td>To record sale of XPX-101 to Geyer inv. 1258<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nGeyer returns 40 units on Dec. 26, so Bryan\u2019s accounting staff issue a credit memo and make the following entry:\r\n<table class=\"fin-table gridded\"><caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 101<\/span><\/caption>\r\n<thead>\r\n<tr aria-hidden=\"true\">\r\n<td colspan=\"5\"><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"col\">Date<\/th>\r\n<th scope=\"col\">Description<\/th>\r\n<th scope=\"col\">Post. Ref.<\/th>\r\n<th scope=\"col\">Debit<\/th>\r\n<th scope=\"col\">Credit<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>20--<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"row\">Dec 26<\/th>\r\n<td>Sales Returns and Allowances<\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">4,000.00<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Dec 26<\/span><\/th>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accounts Receivable<\/td>\r\n<td><\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">4,000.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Dec 26<\/span><\/th>\r\n<td>To record CM --1258 to Geyer<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nIn both cases, the accounts receivable subsidiary ledger is updated, but not inventory, because we don\u2019t do that under the periodic method. The Bryan accounts receivable subsidiary ledger now shows that Geyer owes $16,700, and a call or letter to Geyer would verify that their accounts payable matches if they are using the gross method.\r\n\r\nIf Geyer pays after the 29th with a check for $16,700, Bryan\u2019s accounts receivable clerk deposits the check, debits Checking Account for $16,700, and credits both the accounts receivable control account and the subsidiary ledger for the same amount showing the invoice has been paid in full.\r\n\r\nIf Geyer pays during the discount period, the journal entry looks like this:\r\n<table class=\"fin-table gridded\"><caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 101<\/span><\/caption>\r\n<thead>\r\n<tr aria-hidden=\"true\">\r\n<td colspan=\"5\"><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"col\">Date<\/th>\r\n<th scope=\"col\">Description<\/th>\r\n<th scope=\"col\">Post. Ref.<\/th>\r\n<th scope=\"col\">Debit<\/th>\r\n<th scope=\"col\">Credit<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>20--<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"row\">Dec 29<\/th>\r\n<td>Checking Account<\/td>\r\n<td><\/td>\r\n<td>16,380.00<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Dec 29<\/span><\/th>\r\n<td>Sales Discounts<\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">320.00<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Dec 29<\/span><\/th>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accounts Receivable<\/td>\r\n<td><\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">16,700.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Dec 29<\/span><\/th>\r\n<td>Geyer payment on inv. 1258 less 2% disc.<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<h2>Net Method of Recording Sales<\/h2>\r\nUnder the net method, sales would be recorded net of the discount and if a customer pays after the discount period expires, the extra revenue is posted to an account called \u201cSales Discounts Forfeited\u201d or something similar.\r\n\r\nHere is a comparative chart of accounts for Sales Revenue (gross method) for the two methods:\r\n<div align=\"left\">\r\n<table>\r\n<tbody>\r\n<tr>\r\n<th scope=\"col\">Periodic Method<\/th>\r\n<th scope=\"col\">Perpetual Method<\/th>\r\n<\/tr>\r\n<tr>\r\n<td>Sales Revenue\u2014gross sales are posted here as a credit<\/td>\r\n<td>Sales Revenue\u2014gross sales are posted here as a credit<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Sales Discounts (Contra Account)\u2014sales discounts are posted here as a debit<\/td>\r\n<td>Sales Discounts (Contra Account)\u2014sales discounts are posted here as a debit<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Sales Returns and Allowances (Contra Account)\u2014sales returns and allowances are posted here as a debit<\/td>\r\n<td>Sales Returns and Allowances (Contra Account)\u2014sales returns and allowances are posted here as a debit<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\nNote that they are the same.\r\n\r\nAs you\u2019ll see in the following sections, there is only one difference between the two periodic and perpetual systems when it comes to recording sales: under the periodic system, we record the sale only and under the perpetual system, we record both the sale and the cost of goods sold so two entries are made instead of one.\r\n\r\n<section class=\"textbox tryIt\" aria-label=\"Try It\">[ohm2_question hide_question_numbers=1]25168[\/ohm2_question]\r\n[ohm2_question hide_question_numbers=1]25169[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\" aria-label=\"Learning Goals\">\n<ul>\n<li>Record sales of inventory under a periodic system<\/li>\n<\/ul>\n<\/section>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_5420\" aria-describedby=\"caption-attachment-5420\" style=\"width: 670px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-5420 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/09173012\/Screen-Shot-2020-11-09-at-9.28.51-AM.png\" alt=\"See caption for link to long description.\" width=\"670\" height=\"739\" \/><figcaption id=\"caption-attachment-5420\" class=\"wp-caption-text\">See the <a href=\"https:\/\/docs.google.com\/document\/d\/1m8DW0MlHb0twBhUBrXBmHM1_5rZkSDPOkL3YtMKOGYc\/edit?usp=sharing\" target=\"_blank\" rel=\"noopener\">invoice long description<\/a> here.<\/figcaption><\/figure>\n<p>Recording sales under the periodic system of inventory accounting is significantly easier than recording purchases and tracking goods on hand. To illustrate, let\u2019s go to work for Bryan Wholesale Co. for a few minutes, and recall that when Geyer records an accounts payable, the seller will record a mirror image of that transaction (more or less):<\/p>\n<h2>Gross Method of Recording Sales<\/h2>\n<p>First of all, this sale is business-to-business, so in most jurisdictions in the U.S., there won\u2019t be a sales or value-added tax (VAT), but you have to know the law for your particular situation. For instance, sales taxes may be based on the shipping destination, and internet sales may have some different rules depending on your physical location.<\/p>\n<p>Also, companies have various ways of recording shipping charges from customers. Some may post the charge as an offset to the expense, as an offset to a payable, or as an income item. Some companies may charge a flat-rate or predetermined amount for \u201cShipping and Handling\u201d and may be tracking that amount against the actual expenses incurred in order to determine if they are recovering those costs or even making a profit on that activity.<\/p>\n<p>Let\u2019s assume here that Bryan posts shipping charged to customers to a revenue (income) account called Shipping billed to customers. Thus at the end of each month, the cost accountants can compare billings to customers against shipping paid. Shipping paid or freight out is NOT part of cost of goods sold, but rather is considered a selling expense.<\/p>\n<p>The journal entry to record the sale looks like this (remember, we are looking at the seller\u2019s books now):<\/p>\n<table class=\"fin-table gridded\">\n<caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 101<\/span><\/caption>\n<thead>\n<tr aria-hidden=\"true\">\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<th scope=\"col\">Date<\/th>\n<th scope=\"col\">Description<\/th>\n<th scope=\"col\">Post. Ref.<\/th>\n<th scope=\"col\">Debit<\/th>\n<th scope=\"col\">Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>20&#8211;<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Dec 19<\/th>\n<td>Accounts Receivable<\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">20,700.00<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Dec 19<\/span><\/th>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Shipping Billed to Customers<\/td>\n<td><\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">700.00<\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Dec 19<\/span><\/th>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Sales Revenue<\/td>\n<td><\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">20,000.00<\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Dec 19<\/span><\/th>\n<td>To record sale of XPX-101 to Geyer inv. 1258<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Geyer returns 40 units on Dec. 26, so Bryan\u2019s accounting staff issue a credit memo and make the following entry:<\/p>\n<table class=\"fin-table gridded\">\n<caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 101<\/span><\/caption>\n<thead>\n<tr aria-hidden=\"true\">\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<th scope=\"col\">Date<\/th>\n<th scope=\"col\">Description<\/th>\n<th scope=\"col\">Post. Ref.<\/th>\n<th scope=\"col\">Debit<\/th>\n<th scope=\"col\">Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>20&#8211;<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Dec 26<\/th>\n<td>Sales Returns and Allowances<\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">4,000.00<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Dec 26<\/span><\/th>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accounts Receivable<\/td>\n<td><\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">4,000.00<\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Dec 26<\/span><\/th>\n<td>To record CM &#8211;1258 to Geyer<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>In both cases, the accounts receivable subsidiary ledger is updated, but not inventory, because we don\u2019t do that under the periodic method. The Bryan accounts receivable subsidiary ledger now shows that Geyer owes $16,700, and a call or letter to Geyer would verify that their accounts payable matches if they are using the gross method.<\/p>\n<p>If Geyer pays after the 29th with a check for $16,700, Bryan\u2019s accounts receivable clerk deposits the check, debits Checking Account for $16,700, and credits both the accounts receivable control account and the subsidiary ledger for the same amount showing the invoice has been paid in full.<\/p>\n<p>If Geyer pays during the discount period, the journal entry looks like this:<\/p>\n<table class=\"fin-table gridded\">\n<caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 101<\/span><\/caption>\n<thead>\n<tr aria-hidden=\"true\">\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<th scope=\"col\">Date<\/th>\n<th scope=\"col\">Description<\/th>\n<th scope=\"col\">Post. Ref.<\/th>\n<th scope=\"col\">Debit<\/th>\n<th scope=\"col\">Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>20&#8211;<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Dec 29<\/th>\n<td>Checking Account<\/td>\n<td><\/td>\n<td>16,380.00<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Dec 29<\/span><\/th>\n<td>Sales Discounts<\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">320.00<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Dec 29<\/span><\/th>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accounts Receivable<\/td>\n<td><\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">16,700.00<\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Dec 29<\/span><\/th>\n<td>Geyer payment on inv. 1258 less 2% disc.<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Net Method of Recording Sales<\/h2>\n<p>Under the net method, sales would be recorded net of the discount and if a customer pays after the discount period expires, the extra revenue is posted to an account called \u201cSales Discounts Forfeited\u201d or something similar.<\/p>\n<p>Here is a comparative chart of accounts for Sales Revenue (gross method) for the two methods:<\/p>\n<div style=\"text-align: left;\">\n<table>\n<tbody>\n<tr>\n<th scope=\"col\">Periodic Method<\/th>\n<th scope=\"col\">Perpetual Method<\/th>\n<\/tr>\n<tr>\n<td>Sales Revenue\u2014gross sales are posted here as a credit<\/td>\n<td>Sales Revenue\u2014gross sales are posted here as a credit<\/td>\n<\/tr>\n<tr>\n<td>Sales Discounts (Contra Account)\u2014sales discounts are posted here as a debit<\/td>\n<td>Sales Discounts (Contra Account)\u2014sales discounts are posted here as a debit<\/td>\n<\/tr>\n<tr>\n<td>Sales Returns and Allowances (Contra Account)\u2014sales returns and allowances are posted here as a debit<\/td>\n<td>Sales Returns and Allowances (Contra Account)\u2014sales returns and allowances are posted here as a debit<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Note that they are the same.<\/p>\n<p>As you\u2019ll see in the following sections, there is only one difference between the two periodic and perpetual systems when it comes to recording sales: under the periodic system, we record the sale only and under the perpetual system, we record both the sale and the cost of goods sold so two entries are made instead of one.<\/p>\n<section class=\"textbox tryIt\" aria-label=\"Try It\"><iframe loading=\"lazy\" id=\"ohm25168\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=25168&theme=lumen&iframe_resize_id=ohm25168&source=tnh\" width=\"100%\" height=\"150\"><\/iframe><br \/>\n<iframe loading=\"lazy\" id=\"ohm25169\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=25169&theme=lumen&iframe_resize_id=ohm25169&source=tnh\" width=\"100%\" height=\"150\"><\/iframe><\/section>\n","protected":false},"author":6,"menu_order":9,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Sales Under a Periodic System\",\"author\":\"Joseph Cooke\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Accounting Principles: A Business Perspective\",\"author\":\"James Don Edwards, University of Georgia & Roger H. 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