At the beginning of January 1, 2016, Tristen Company has 2,000 inventories costing P20 per unit The following transactions is chronilogical order transpired during the year. 1. Purchased on aecount 3,000 units of inventory at P20 per unit 2. Sold on account 2,500 units of inventory for PS0 per unit 3. Purchased on account 4,000 units of invemtory at P20 per unit 4. Sold on account 3,000 u its of inventory for P50 per unit 5. Paid emploee salary of P10,000 the only expense for the period 6. On December 31, 2016, physical count revealed that 3,500 units were on hand. Required: Prepare all necessary journal entries involving merchandsing accounts using: 1. Perpetual invnetory system 2. Periodic invnetory system

At the beginning of January 1, 2016, Tristen Company has 2,000 inventories costing P20 per unit The following transactions is chronilogical order transpired during the year. 1. Purchased on aecount 3,000 units of inventory at P20 per unit 2. Sold on account 2,500 units of inventory for PS0 per unit 3. Purchased on account 4,000 units of invemtory at P20 per unit 4. Sold on account 3,000 u its of inventory for P50 per unit 5. Paid emploee salary of P10,000 the only expense for the period 6. On December 31, 2016, physical count revealed that 3,500 units were on hand. Required: Prepare all necessary journal entries involving merchandsing accounts using: 1. Perpetual invnetory system 2. Periodic invnetory system

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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