Bought office supplies of P21,400 in cash on May 29, 2019. At the end of the fiscal reporting period on September 30, 2019, the physical inventory indicated the stock on hand amounting to P6,800. Under Expense Method, which entry will not be recorded: Select the correct response:

Bought office supplies of P21,400 in cash on May 29, 2019. At the end of the fiscal reporting period on September 30, 2019, the physical inventory indicated the stock on hand amounting to P6,800. Under Expense Method, which entry will not be recorded: Select the correct response:

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

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 14E: On January 5, 2019, ShoeKing Corp. sells for cash 500 pairs of volleyball shoes to FootAction, a...

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Question

Bought office supplies of P21,400 in cash on May 29, 2019. At the end of the fiscal
reporting period on September 30, 2019, the physical inventory indicated the stock
on hand amounting to P6,800.
Under Expense Method, which entry will not be recorded:
Select the correct response:
Cr. Supplies expense P6,800
Dr. Office supplies P 6,800
Cr. Supplies expense P14,600
Dr. Supplies expense P21,400

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