Bookkeeping NC III Practice Questions - TESDA Bookkeeping NC III Competency Assessment Exam

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A company using the periodic inventory system purchases merchandise for ₱50,000 with terms 2/10, n/30. Using the gross method, what is the journal entry to record the purchase on the transaction date?

Debit Merchandise Inventory ₱50,000; Credit Accounts Payable ₱50,000 Debit Purchases ₱49,000; Credit Accounts Payable ₱49,000 Debit Purchases ₱50,000; Credit Accounts Payable ₱50,000 Debit Purchases ₱50,000; Credit Cash ₱50,000

Correct Answer:

Debit Purchases ₱50,000; Credit Accounts Payable ₱50,000

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