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  • 05 Activity 2-ARG

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    Mari Cris Magdaraog
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    Mac Company purchased merchandise from Cam Company on September 5th for P75,000, recording it as an addition to inventory and an increase to accounts payable. On September 8th, Mac Company returned defective goods worth P10,000 to Cam Company, decreasing inventory and accounts payable accordingly. The perpetual inventory system was used to record these transactions on the books of Mac Company on the dates they occurred.

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    Mac Company purchased merchandise from Cam Company on September 5th for P75,000, recording it as an addition to inventory and an increase to accounts payable. On September 8th, Mac Company returned defective goods worth P10,000 to Cam Company, decreasing inventory and accounts payable accordingly. The perpetual inventory system was used to record these transactions on the books of Mac Company on the dates they occurred.

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    © All Rights Reserved
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    16 views1 page

    05 Activity 2-ARG

    Uploaded by

    Mari Cris Magdaraog
    Mac Company purchased merchandise from Cam Company on September 5th for P75,000, recording it as an addition to inventory and an increase to accounts payable. On September 8th, Mac Company returned defective goods worth P10,000 to Cam Company, decreasing inventory and accounts payable accordingly. The perpetual inventory system was used to record these transactions on the books of Mac Company on the dates they occurred.

    Copyright:

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

    BSMA 101

    05_Activity_2

    Perpetual Inventory System

    On September 5, Mac Company buys merchandise on account from Cam Company. The
    selling price of the good is P75,000 and cost to Cam was P40,000. On September 08, Mac
    Company returned the defective goods with a selling price of 10,000. Record the transactions on
    the books of Mac Company.

    Mac, Company

    Transaction records on the book

    Date Particulars PR Debit Credit


    Sept. 5 Inventory P75,000
    Accounts Payable P75,000
    To record the goods purchase account
    Sept. 8 Accounts Payable P10,000
    Inventory P10,000
    To record the return of defective goods

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