Scribd Logo
Upload

Welcome to Scribd!

  • 12 views

    05 Activity 3 2 Converted 1

    Uploaded by

    ダイ アン
    On September 5th, Cam Company sold merchandise worth P75,000 to Mac Company on account. On September 8th, Mac Company returned defective goods worth P10,000 with a fair value of P1,500. Cam Company recorded the transactions by debiting Accounts Receivable for P75,000 and crediting Sales Revenue for the initial sale. It also debited Cost of Goods Sold for P40,000 and credited Inventory for the cost of goods sold. For the return, it debited Sales Returns and Allowances for P10,000 and credited Accounts Receivable, and debited Inventory for P1,500 and credited Cost of Goods Sold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content

    You might also like

    05 Activity 3 2 Converted 1

    Uploaded by

    ダイ アン
    12 views1 page
    On September 5th, Cam Company sold merchandise worth P75,000 to Mac Company on account. On September 8th, Mac Company returned defective goods worth P10,000 with a fair value of P1,500. Cam Company recorded the transactions by debiting Accounts Receivable for P75,000 and crediting Sales Revenue for the initial sale. It also debited Cost of Goods Sold for P40,000 and credited Inventory for the cost of goods sold. For the return, it debited Sales Returns and Allowances for P10,000 and credited Accounts Receivable, and debited Inventory for P1,500 and credited Cost of Goods Sold.

    Original Description:

    BASIC ACCOUNTING

    Original Title

    05 Activity 3 2 Converted 1 .Docx

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    On September 5th, Cam Company sold merchandise worth P75,000 to Mac Company on account. On September 8th, Mac Company returned defective goods worth P10,000 with a fair value of P1,500. Cam Company recorded the transactions by debiting Accounts Receivable for P75,000 and crediting Sales Revenue for the initial sale. It also debited Cost of Goods Sold for P40,000 and credited Inventory for the cost of goods sold. For the return, it debited Sales Returns and Allowances for P10,000 and credited Accounts Receivable, and debited Inventory for P1,500 and credited Cost of Goods Sold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    12 views1 page

    05 Activity 3 2 Converted 1

    Uploaded by

    ダイ アン
    On September 5th, Cam Company sold merchandise worth P75,000 to Mac Company on account. On September 8th, Mac Company returned defective goods worth P10,000 with a fair value of P1,500. Cam Company recorded the transactions by debiting Accounts Receivable for P75,000 and crediting Sales Revenue for the initial sale. It also debited Cost of Goods Sold for P40,000 and credited Inventory for the cost of goods sold. For the return, it debited Sales Returns and Allowances for P10,000 and credited Accounts Receivable, and debited Inventory for P1,500 and credited Cost of Goods Sold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    BM1705

    Buyer 1: Mac Company DATE: 10/30/2021 SCORE:


    Buyer 2:
    Seller 1: Cam Company
    Seller 2:

    Sales Transactions (12 points:1 point for each correct debit account and amount, credit account and
    amount, and explanation)

    On September 05, Mac Company buys merchandise on account from Cam Company. The selling price of the
    good is P75,000 and the cost to Cam was P40,000. On September 08, Mac Company retuned the defective
    goods with a selling price of P10,000 and a fair value of P1,500. Record the transactions on the books of Cam
    Company.

    Particulars PR Debit Credit


    Sept. 5 Accounts Receivable P 75,000
    Sales Revenue P 75,000
    To record credit sale to Mac Company

    Cost of Goods sold 40,000


    Inventory 40,000
    To record cost of merchandise sold on Mac
    Company

    Sept. 8 Sales Returns and Allowances 10’000


    Accounts Receivable 10’000
    To record returned goods from Mac Company

    Inventory 1,500
    Cost of Goods Sold 1,500
    To record cost of goods returned.

    Reference
    Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Accounting principles (12th ed.). United States of
    America: John Wiley & Sons, Inc.

    05 Activity 3 *Property of STI


    Page 1 of 1
    This study source was downloaded by 100000845367243 from CourseHero.com on 10-16-2022 09:39:03 GMT -05:00

    https://www.coursehero.com/file/115162246/05-Activity-32-converted-1docx/
    Powered by TCPDF (www.tcpdf.org)

    You might also like