FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare SCI using multi-step approach

Accounts
Debit
Credit
P739,000
Sales
Sales returns
Sales discount
P45,000
16,000
65,000
180,000
10,000
Inventory, beg.
Purchases
Freight in
Purchase discounts
Purchase returns
Salaries expense
Rent expense
Depreciation expense
Utilities expense
5,000
9,000
240,000
30,000
50,000
25,000
10,000
30,000
60,000
Insurance expense
Delivery expense
Taxes and Licenses
Additional information:
a. Ending inventory is P90,000
b. 4 of the salaries, rent, and depreciation pertain
to administrative department.
department does not share in the other
The sales
expenses.
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Transcribed Image Text:Accounts Debit Credit P739,000 Sales Sales returns Sales discount P45,000 16,000 65,000 180,000 10,000 Inventory, beg. Purchases Freight in Purchase discounts Purchase returns Salaries expense Rent expense Depreciation expense Utilities expense 5,000 9,000 240,000 30,000 50,000 25,000 10,000 30,000 60,000 Insurance expense Delivery expense Taxes and Licenses Additional information: a. Ending inventory is P90,000 b. 4 of the salaries, rent, and depreciation pertain to administrative department. department does not share in the other The sales expenses.
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