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Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise. Under a perpetual inventory system, the following journal entry(ies) would be recorded. Cash 1,000 Dr, Sales 1,000 Cr Accounts Receivable 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr. Cash 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr. Cash 1,000 Dr, Merchandise Inventory 650 Cr

Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise. Under a perpetual inventory system, the following journal entry(ies) would be recorded. Cash 1,000 Dr, Sales 1,000 Cr Accounts Receivable 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr. Cash 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr. Cash 1,000 Dr, Merchandise Inventory 650 Cr

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 11MC: A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What...
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Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise. Under a perpetual inventory system, the following journal entry(ies) would be recorded. 

Cash 1,000 Dr, Sales 1,000 Cr
Accounts Receivable 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr.
Cash 1,000 Dr, Sales 1,000 Cr, Cost of Merchandise Sold 650 Dr, Merchandise Inventory 650 Cr.
Cash 1,000 Dr, Merchandise Inventory 650 Cr

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