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Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000

Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000

FINANCIAL ACCOUNTING
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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Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and 20,000 Allowances Transportation In 30,000 selling Expenses 75,000 General and Administrative 275,000 Expenses In addition, the beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 31. Cost of goods sold for the period was O P235,000 P160,000 P200,000 O P170,000
Transcribed Image Text:Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and 20,000 Allowances Transportation In 30,000 selling Expenses 75,000 General and Administrative 275,000 Expenses In addition, the beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 31. Cost of goods sold for the period was O P235,000 P160,000 P200,000 O P170,000
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