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. 32. Profit for the period was P525,000 P450,000 O P250,000 O P175,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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accounting

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.
32. Profit for the period was
O P525,000
P450,000
O P250,000
O P175,000
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. 32. Profit for the period was O P525,000 P450,000 O P250,000 O P175,000
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