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Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise. Under a perpetual inventory system, the following journal entry(ies) would be recorded. Cash 1,000 Dr, Sales 1,000 Cr Accounts Receivable 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr. Cash 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr. Cash 1,000 Dr, Merchandise Inventory 650 Cr

Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise. Under a perpetual inventory system, the following journal entry(ies) would be recorded. Cash 1,000 Dr, Sales 1,000 Cr Accounts Receivable 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr. Cash 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr. Cash 1,000 Dr, Merchandise Inventory 650 Cr

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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Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise. Under a perpetual inventory system, the following journal entry(ies) would be recorded. 

Cash 1,000 Dr, Sales 1,000 Cr
Accounts Receivable 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr.
Cash 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr.
Cash 1,000 Dr, Merchandise Inventory 650 Cr

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