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Purchased merchandise on account, P100,000, terms: 2/10, n/30. Prepare entries under
gross and net methods.
1
31-Dec-06 31-Dec-07 31-Dec-08
Cost 500,000.00 520,000.00 600,000.00
LCNRV 480,000.00 490,000.00 575,000.00
8. Lump-Sum Acquisition
Prepare the journal entries under the Direct method and Allowance method, assuming
periodic and perpetual inventory system is used.
8. Purchase Commitment
a. When the actual purchase is made on April 1, 2008, the cost of inventory item is
P9.00
b. When the actual purchase is made on April 1, 2008, the cost of inventory decreased
further to P8.50
c. When the actual purchase is made on April 1, 2008, the cost of inventory increased
to P9.26
d. When the actual purchase is made on April 1, 2008, the cost of inventory increased
to P11.00
2
May 2008