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The journal entry to record expense of inventory sold in perpetual inventory system is, Debit Cost of Goods Sold $1,500; credit Inventory $1,500.
The perpetual inventory system uses technology that keeps and modify inventory records after each transaction involving goods received or sold. A sale of a stock item in perpetual inventory systems raises cost of goods sold (COGS) also modifies accounting documents to make sure that the closing inventory accurately reflects the number of products in a shop or in warehousing.
The periodic inventory system, where a business performs routine inventory audits to update product details, is less trustworthy than that of the perpetual inventory system. Daily physical inventory checks are incorporated into these audits on the a scheduled and recurring basis.
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