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What the entry to record a sale and an entity would

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Reference no: EM132739238

Problem 1: Under the perpetual inventory system, in addition to making the entry to record a sale, an entity would

a. debit Cost of Goods Sold and credit Merchandise Inventory

b. debit Cost of Goods Sold and credit Purchases.

c. debit Merchandise Inventory and credit Cost of Goods Sold.

d. make no additional entry until the end of the period.

Problem 2: The collection of a P4,000 account within the 2 % discount period would result in a

a. credit to Accounts Receivable for P3,920.

b. credit to Cash for P3,920.

c. debit to Accounts Receivable for P3,920.

d. debit to Sales Discounts for P80.

Reference no: EM132739238

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