WorksheetsJournal Entry - Perpetual Inventory System
Total questions: 6
Worksheet time: 6mins
In Perpetual Inventory System, how will you record
Purchases: Purchase Inventory for P5,000.00 on account. What will be your debit account and amount?
Accounts Payable for P5,000
Accounts Receivable for P5,000
Sales for P5,000
Inventory for P5,000
In Perpetual Inventory System, how will you record
Sales: Record a cash sale of P3,000.00, originally purchased for P1,500.00 from your supplier. What will be the effect on your sales?
Credit Cash for P3,000
Credit Sales for P3,000
Debit Accounts Receivable for P3,000
Debit Inventory for P3,000
In Perpetual Inventory System, how will you record
Sales Returns: Customer A returns inventory worth P2,500.00 previously paid for cash, you originally purchased it from Supplier B for P2,000. What will be the effect on your inventory account?
Debit Inventory for P2,500
Debit Inventory for P2,000
Credit Inventory for P2,500
Credit Inventory for P2,000
In Perpetual Inventory System, how will you record
Cost of Goods Sold: You sold inventory for P1,800.00 which cost you P1,200.00. What will be the effect on your Cost of Goods Sold account?
Debit Cost of Goods Sold for P1,200
Credit Cost of Goods Sold for P1,200
Debit Inventory for P1,200
Credit Inventory for P1,200
In Perpetual Inventory System, how will you record
Purchase with Trade Discount: Supplier sold Inventory at a 5% trade discount on a P500.00 cash payment. What will be your credit entry?
Cash for P500
Cash for P475
Purchases Discounts for P25
Inventory for P500
In Perpetual Inventory System, how will you record
Purchase with Cash Discount: Supplier sold Inventory for P3,000.00 on account, w/ terms 2/10, n/30. What will be the effect when you pay the supplier beyond the discount period.
No Entry
Debit Inventory for P3,000.00
Credit Purchases Discounts for P60.00
Debit Accounts Payable for P3,000.00
