2. Worried Co. had the following transactions during the period: a) Purchased goods worth P50,000 on account. Freight of P4,000 was paid on the shipment. b) Returned damaged goods, costing P5,000, to the supplier. c) Sold goods costing P30,000 for P90,000 on account. d) Received goods with sale price of P6,000 and cost of P2,000 from a customer. Requirement: Prepare the journal entries under (a) Perpetual inventory system and (b) Periodic inventory system.

2. Worried Co. had the following transactions during the period: a) Purchased goods worth P50,000 on account. Freight of P4,000 was paid on the shipment. b) Returned damaged goods, costing P5,000, to the supplier. c) Sold goods costing P30,000 for P90,000 on account. d) Received goods with sale price of P6,000 and cost of P2,000 from a customer. Requirement: Prepare the journal entries under (a) Perpetual inventory system and (b) Periodic inventory system.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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