Record the following transactions of Pal Tos Sales for the month of May under the Perpetual Inventory System. Assume that terms for all purchases are 2/20, n/30 and terms for all sales are 1/15, n/30. Cost for each sales and returns is 80% of the sales or return price. 2020 May 5Cash sales, P210,000 6 Purchased P550,000 merchandise from Hoo Enterprise on account 8 Sold P30,000 goods to Lucky Trading 11Purchased P150,000 merchandise from Vee Cut Sales 15Cash purchases, P221,000 17Received P3,000 returns of defective merchandise from Lucky Trading 19Returned P50,000 defective goods to Hoo Enterprises 22Lucky Trading settled its amount in full
Record the following transactions of Pal Tos Sales for the month of May under the Perpetual Inventory System. Assume that terms for all purchases are 2/20, n/30 and terms for all sales are 1/15, n/30. Cost for each sales and returns is 80% of the sales or return price. 2020 May 5Cash sales, P210,000 6 Purchased P550,000 merchandise from Hoo Enterprise on account 8 Sold P30,000 goods to Lucky Trading 11Purchased P150,000 merchandise from Vee Cut Sales 15Cash purchases, P221,000 17Received P3,000 returns of defective merchandise from Lucky Trading 19Returned P50,000 defective goods to Hoo Enterprises 22Lucky Trading settled its amount in full
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College