n/30. If Ancheta returns P2,000 of the goods to the vendor, the entry to record the7. Grace Ancheta Company which uses the gross price method of recording purchaseand the periodic inventory system, bought merchandise for P8,000, terms 210return should include aScanned with CamScanner| 8-37a. credit to purchases returns and allowances of P1,960.b. debit to accounts payable of P2,000.C. debit to discounts lost of P40.d. debit to purchases returns and allowances of P1,960.S. The Dec. 31, 2014 trial balance for Aileen Maglana Company included the following:purchases, P40,000; purchases returns and allowances, P2,000; transportation in,P3,000; ending inventory was P8,000. What was the cost of goods sold for 2014?а. Р39,000b. P33,000c. P38,000d. none of the above9. In preparing a ten-column worksheet for a merchandising firm that uses the periodicinventory systema. the beginning inventory is extended as a credit in the balance sheet columns.b. the beginning inventory is extended as a .credit in the income statementcolumns.the ending inventory is shown as a credit in the income statement columns andas a debit in the balance sheet columns.С.d. the ending inventory is shown as a debit in the income statement columns andas a credit in the balance sheet columns.10. The basic differences between the financial statements of a merchandising entityand a service entity include the cost of goods sold section of the income statementand thea. equity section of the bålance sheet.b. inclusion of merchandise inventory on the balance sheet as a current asset.c. other income section of the income statement.d. profit figure.11. The excess of net sales over the cost of goods sold is calledc. operating profit.d. profit.a. gross profit.b. merchandising income.12. After all adjusting entries are posted, the balances of all asset, liability, income, andexpense accounts correspond exactly to the amounts in thec. unadjusted trial balance.d. worksheet trial balance.а.financial statements.b. post-closing trial balance.

Explanation - There are three statements of the organization which show different accounting…

n/30. If Ancheta returns P2,000 of the goods to the vendor, the entry to record the 7. Grace Ancheta Company which uses the gross price method of recording purchase and the periodic inventory system, bought merchandise for P8.000, terms 2/10 return should include a Scanned with Camicarver | 8-37 credit to purchases returns and allowances of P1,960. b. debit to accounts payable of P2,000. C debit to discounts lost of P40. d. debit to purchases returns and allowances of P1,960. а. 8. The Dec. 31, 2014 trial balance for Aileen Maglana Company included the following: purchases, P40,000; purchases returns and allowances, P2,000; transportation in, P3,000; ending inventory was P8,000. What was the cost of goods sold for 2014? а. Р39,000 b. P33,000 с. Р38,000 d. none of the above 9. In preparing a ten-column worksheet for a merchandising firm that uses the periodic inventory system a. the beginning inventory is extended as a credit in the balance sheet columns. b. the beginning inventory is extended as a .credit in the income statement columns. C. the ending inventory is shown as a credit in the income statement columns and as a debit in the balance sheet columns. d. the ending inventory is shown as a debit in the income statement columns and as a credit in the balance sheet columns. 10. The basic differences between the financial statements of a merchandising entity and a service entity include the cost of goods sold section of the income statement and the a. equity section of the balance sheet. b. inclusion of merchandise inventory on the balance sheet as a current asset. c. other income section of the income statement. d. profit figure. 11. The excess of net sales over the cost of goods sold is called c. operating profit. d. profit. a. gross profit. b. merchandising income. 12. After all adjusting entries are posted, the balances of all asset, liability, income, and expense accounts correspond exactly to the amounts in the c. unadjusted trial balance. d. worksheet trial balance. a. financial statements. b. post-closing trial balance.