P 850,000 50,000 P S00,000 Sales Less: Sales returns Net Sales Accounts Receivable Less: Allow. for bad debts Net Realizable value P 74,000 12,000 P 62,000 Beginning inventory Ending inventory P45,000 60,000 Freight in Freight out 12,000 20,000 What is the journal entry to set up the ending inventory? O. Ending Inventory 60,000 Beginning Inventory 15.000 Income & Exp. Summary 45,000 Inventory 60,000 Accounts Payable 60,000 Inventory 15,000 Income & Exp. Summary 15,000 Inventory 60,000 Income & Exp. Summary 60,000
P 850,000 50,000 P S00,000 Sales Less: Sales returns Net Sales Accounts Receivable Less: Allow. for bad debts Net Realizable value P 74,000 12,000 P 62,000 Beginning inventory Ending inventory P45,000 60,000 Freight in Freight out 12,000 20,000 What is the journal entry to set up the ending inventory? O. Ending Inventory 60,000 Beginning Inventory 15.000 Income & Exp. Summary 45,000 Inventory 60,000 Accounts Payable 60,000 Inventory 15,000 Income & Exp. Summary 15,000 Inventory 60,000 Income & Exp. Summary 60,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Sales
Less: Sales returns
Net Sales
P S50,000
50,000
P S00,000
Accounts Receivable
Less: Allow. for bad debts
Net Realizable value
P 74,000
12,000
P 62,000
Beginning inventory
Ending inventory
P 45,000
60,000
Freight in
Freight out
12,000
20,000
What is the journal entry to set up the ending inventory?
O. Ending Inventory 60,000 Beginning Inventory 15.000 Income & Exp. Summary 45.000
Inventory 60,000 Accounts Payable 60,000
Inventory 15,000 Income & Exp. Summary 15,000
Inventory 60,000 Income & Exp. Summary 60.000
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