2. Worried Co. had the following transactions during the period: a) Purchased goods worth P50,000 on account. Freight of P4,000 was paid on the shipment. b) Returned damaged goods, costing P5,000, to the supplier. c) Sold goods costing P30,000 for P90,000 on account. d) Received goods with sale price of P6,000 and cost of P2,000 from a customer. Requirement: Prepare the journal entries under (a) Perpetual inventory system and (b) Periodic inventory system.
2. Worried Co. had the following transactions during the period: a) Purchased goods worth P50,000 on account. Freight of P4,000 was paid on the shipment. b) Returned damaged goods, costing P5,000, to the supplier. c) Sold goods costing P30,000 for P90,000 on account. d) Received goods with sale price of P6,000 and cost of P2,000 from a customer. Requirement: Prepare the journal entries under (a) Perpetual inventory system and (b) Periodic inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I hope you provide an explanation and solution. Thank you.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education