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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

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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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
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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