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PPRTIS

The document describes a perpetual inventory system, including a P6,000 purchase on account with 2/10, n/30 terms, freight paid of P200, a P300 return of merchandise, and sales and discounts.

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Alyanna Alcantara
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15 views

PPRTIS

The document describes a perpetual inventory system, including a P6,000 purchase on account with 2/10, n/30 terms, freight paid of P200, a P300 return of merchandise, and sales and discounts.

Uploaded by

Alyanna Alcantara
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PERPETUAL INVENTORY SYSTEM

 Purchased on account merchandise for resale for P6,000: 2/10, n/30


(purchases recorded at invoice price.

Accounts Receivable 10,000

Sales 10,000

Cost of Sales 8,000


Inventor
y 8,000

 Paid freight of P200 on the P6,000 purchase.

Sales Returns and Allowances 500


Accounts
Receivable 500

Inventory 400
Cost of Sales 400

 Returned merchandise costing P300 ( part of the P6000 purchase).


Cas
h 9,310
Sales
Discounts 190
Accounts
Receivable 9,500

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