Solution-Find what the journal entry to record the

Find what the journal entry to record the transaction

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Reference no: EM132752552

Problem 1: Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is:

a. Dr. RIP Inventory P10,000 Cr.Accounts Payable P10,000
b. Dr COGS 10,000 Cr.Accounts Payable 10,000
c. No Entry
d. Dr. Raw Material Inventory 10,000 Cr. Accounts Payable 10,000

Reference no: EM132752552

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Find what the journal entry to record the transaction

Reference no: EM132752552

Reference no: EM132752552

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