credit of P2,800 to Sales.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On October 4, 2008, Terry Corporation
had eredit sales transactions of P2,80o from
merchandise having cost P1.900. The entries
to record the day's credit transactions
include a *
debit of P2,800 to Merchandise Inventory.
credit of P2,800 to Sales.
debit of P1,900 to Merchandise Inventory.
O credit of P1,900 to Cost of Goods Sold.
Transcribed Image Text:On October 4, 2008, Terry Corporation had eredit sales transactions of P2,80o from merchandise having cost P1.900. The entries to record the day's credit transactions include a * debit of P2,800 to Merchandise Inventory. credit of P2,800 to Sales. debit of P1,900 to Merchandise Inventory. O credit of P1,900 to Cost of Goods Sold.
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