GUIDED EXERCISES

Prepare the following journal entries for both perpetual and periodic.

1. You purchased goods worth P10,000 on account

2. You paid shipping costs of P1,000 on the purchase above.
3. You returned damaged goods worth P2,000 to the supplier.
4. You sold goods costing P5,000 for P20,000 on account.
5. A customer returned goods with sales price of P800,000 and cost of P200

Problem 2
You have a bar. At opening time, you have 50 bottles of a beverage with a unit cost of P20 each.
During business hours, you had your supplier deliver to you 10 cases of the beverage, each case contains
23 bottles with a unit cost of P20 each. At closing time, you have 2 cases with 4 bottles of the beverage
left. Your sales price for each bottle of a beverage is P70.

Scenario #1
What if the recorded sale is only 236 bottles, instead of 238?
Scenario #2
What if the recorded sale is 241 bottles, instead of 238?
Scenario #3
Suppose we know that 238 bottles were present. We also know that the sales price per bottle is
P70. Therefore, your total collections should be P16,660 (238 x 70 pesos). What if your cash register
contains only P15,645?

Problem 3
Inventory, beg P40,000, net purchases P180,000, cost of goods sold P200,000. How much is the
ending inventory?

Problem 4
Inventory, beg P60,000; net purchases, P270,000; inventory, end P90,000. How much is the cost
of goods sold?

Problem 5
Inventory, beg P40,000; cost of goods sold P200,000; inventory end P20,000. How much is the
net purchases?

Problem 6
Net purchases, P270,000; cost of goods sold, P240,000; inventory end P90,000. How much is the
beginning inventory?