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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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7. Mok Cun Costume has a beginning merchandise inventory of RM45,000. During the period, purchases were RM210,000; purchase returns, RM6,000; and freight-in RM15,000. A physical count of inventory at the end of the period revealed that RM30,000 was still on hand. The cost of goods sold was A. RM276,000 В. RM246,000 RM234,000 B. RM264,000 D.
Transcribed Image Text:7. Mok Cun Costume has a beginning merchandise inventory of RM45,000. During the period, purchases were RM210,000; purchase returns, RM6,000; and freight-in RM15,000. A physical count of inventory at the end of the period revealed that RM30,000 was still on hand. The cost of goods sold was A. RM276,000 В. RM246,000 RM234,000 B. RM264,000 D.
6.Raime Bhd purchased merchandise worth RM1,800 on credit, terms n/30 and returned merchandise worth RM200 on next day. What is the required journal entry to record the merchandise returns under the perpetual inventory system? Debit (RM) Credit (RM) A. Accounts Payable 200 Merchandise Inventory 200 B. Accounts Payable 200 Purchases Returns & Allowances 200 C. Merchandise Inventory 200 Purchases Returns & Allowances 200 D. Purchases Returns & Allowances 200 Merchandise Inventory 200
Transcribed Image Text:6.Raime Bhd purchased merchandise worth RM1,800 on credit, terms n/30 and returned merchandise worth RM200 on next day. What is the required journal entry to record the merchandise returns under the perpetual inventory system? Debit (RM) Credit (RM) A. Accounts Payable 200 Merchandise Inventory 200 B. Accounts Payable 200 Purchases Returns & Allowances 200 C. Merchandise Inventory 200 Purchases Returns & Allowances 200 D. Purchases Returns & Allowances 200 Merchandise Inventory 200
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