2. If a company sells goods that cost P70,000 for P82,000, the firm will:reduce Finished-Goods Inventory by P70,000.b. reduce Finished-Goods Inventory by P82,000.C. report sales revenue on the balance sheet of P82,000.d. reduce Cost of Goods Sold by P70,000.a.to3. Eleria Manufacturing recently sold goods that cost P35,000 for P45,000cash. The journal entries to record this transaction would include:a credit to Work-in-Process Inventory for P35,000.b. a debit to Sales Revenue for P45,000.a debit to Finished-Goods Inventory for P35,000.d. a credit to Sales Revenue for P45,000.a.C.

Since you have asked multiple question, we will solve the first question for you. If you want any…

2. If a company sells goods that cost P70,000 for P82,000, the firm will: a. reduce Finished-Goods Inventory by P70,000. b. reduce Finished-Goods Inventory by P82,000. C. report sales revenue on the balance sheet of P82,000. d. reduce Cost of Goods Sold by P70,000.

2. If a company sells goods that cost P70,000 for P82,000, the firm will: a. reduce Finished-Goods Inventory by P70,000. b. reduce Finished-Goods Inventory by P82,000. C. report sales revenue on the balance sheet of P82,000. d. reduce Cost of Goods Sold by P70,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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