accounting Account NameDebitCreditSales750,000Sales Returns and Allowances15,000Sales Discounts10,000Purchases170,000Purchases Returns and20,000AllowancesTransportation In30,000selling Expenses75,000General and Administrative275,000ExpensesIn addition, the beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000.31. Cost of goods sold for the period wasO P235,000P160,000P200,000O P170,000

Formula: Cost of goods sold = Beginning Inventory + Net purchases - Ending Inventory

Answered: Account Name Debit Credit Sales 750,000…

Business

Accounting

Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 1SEA: ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Matt Henry owns a...

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Question

accounting

Account Name
Debit
Credit
Sales
750,000
Sales Returns and Allowances
15,000
Sales Discounts
10,000
Purchases
170,000
Purchases Returns and
20,000
Allowances
Transportation In
30,000
selling Expenses
75,000
General and Administrative
275,000
Expenses
In addition, the beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000.
31. Cost of goods sold for the period was
O P235,000
P160,000
P200,000
O P170,000

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