ictoria Corporation uses the perpetual inventory method. On August 1, it purchased P20,000 of inventory, terms 2/10, n/30. On August 3, Victoria returned goods that cost P2,000. On August 9, Victoria paid the supplier. Question: On August 9, Victoria should credit A. Purchase discounts for P400 B. inventory for P400 C. purchase discounts for P360 D. inventory for P360
ictoria Corporation uses the perpetual inventory method. On August 1, it purchased P20,000 of inventory, terms 2/10, n/30. On August 3, Victoria returned goods that cost P2,000. On August 9, Victoria paid the supplier. Question: On August 9, Victoria should credit A. Purchase discounts for P400 B. inventory for P400 C. purchase discounts for P360 D. inventory for P360
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Victoria Corporation uses the perpetual inventory method. On August 1, it purchased P20,000 of inventory, terms 2/10, n/30. On August 3, Victoria returned goods that cost P2,000. On August 9, Victoria paid the supplier.
Question:
On August 9, Victoria should credit
A. Purchase discounts for P400
B. inventory for P400
C. purchase discounts for P360
D. inventory for P360
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