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Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is: c. No Entry b. Debit COGS 10,000 Credit Accounts Payable 10,000 a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000 d. Debit Raw Material Inventory 10,000 Credit Accounts Payable 10,000 The journal entry to record the transaction using the traditional costing is: d. Debit Raw Materials Inventory 10,000 Credit Accounts Payable 10,000 b. Debit COGS 10,000 Credit Accounts Payable 10,000 c. No Entry a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000

Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is: c. No Entry b. Debit COGS 10,000 Credit Accounts Payable 10,000 a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000 d. Debit Raw Material Inventory 10,000 Credit Accounts Payable 10,000 The journal entry to record the transaction using the traditional costing is: d. Debit Raw Materials Inventory 10,000 Credit Accounts Payable 10,000 b. Debit COGS 10,000 Credit Accounts Payable 10,000 c. No Entry a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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3. Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is: c. No Entry b. Debit COGS 10,000 Credit Accounts Payable 10,000 a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000 d. Debit Raw Material Inventory 10,000 Credit Accounts Payable 10,000 The journal entry to record the transaction using the traditional costing is: d. Debit Raw Materials Inventory 10,000 Credit Accounts Payable 10,000 b. Debit COGS 10,000 Credit Accounts Payable 10,000 c. No Entry a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000
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