Tutorial 8 Qs
S5-2 Journalizing purchase transactions
Learning Objective 2
Consider the following transactions for Toys and More Toys:
Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Toys and More Toys?
S5-3 Journalizing purchase transactions
Learning Objective 2
Consider the following transactions for Derry Drug Store:
Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Derry Drug Store?
S5-4 Journalizing sales transactions
Learning Objective 3
Journalize the following sales transactions for Paul Sportswear. Explanations are not
required.
S5-5 Journalizing purchase and sales transactions
Learning Objectives 2, 3
Suppose Muddyriver.com sells 2,000 books on account for $19 each (cost of these books is
$22,800), credit terms 1/20, n/45 on October 10, 2016, to The Salem Store. One hundred of these
books (cost $1,140) were damaged in shipment, so Muddyriver.com later received the damaged
goods from The Salem Store as sales returns on October 13, 2016. The Salem Store paid the
balance to Muddyriver.com on October 22, 2016.
Requirements
1. Journalize The Salem Store’s October 2016 transactions.
2. Journalize Muddyriver.com’s October 2016 transactions.
S5A-11 Journalizing purchase transactions—periodic inventory system
Learning Objective 7
Appendix 5A
Consider the following transactions for Garnier Packing Supplies:
Requirements
1. Journalize the purchase transactions assuming Garnier Packing Supplies uses the periodic
inventory system. Explanations are not required.
2. What is the amount of net purchases?
S5A-12 Journalizing sales transactions—periodic inventory system
Learning Objective 7
Appendix 5A
Journalize the following sales transactions for Sandal Camera Store using the periodic inventory
system. Explanations are not required.
S5A-14 Computing cost of goods sold in a periodic inventory system
Learning Objective 7
Appendix 5A
X Wholesale Company began the year with merchandise inventory of $11,000. During the year,
X purchased $93,000 of goods and returned $6,700 due to damage. X also paid freight charges of
$1,200 on inventory purchases. At year-end, X’s ending merchandise inventory balance stood at
$17,300. Assume that X uses the periodic inventory system. Compute X’s cost of goods sold for
the year.
E5-17 Journalizing purchase transactions
Learning Objective 2
July 24 Merch. Inv. $28
Hajjar Jewelers uses a perpetual inventory system and had the following purchase transactions.
Journalize all necessary transactions. Explanations are not required.
E5-19 Journalizing sales transactions
Learning Objective 3
Jan. 13 Sales Discounts $97
Journalize the following sales transactions for Austin Mall. Explanations are not required.
E5-20 Journalizing purchase and sales transactions
Learning Objectives 2, 3
Feb. 23 Cash $4,653
Journalize the following transactions for Santa Fe Art Gift Shop. Explanations are not required.
E5A-26 Journalizing purchase transactions—periodic inventory system
Learning Objective 7
Appendix 5A
Sep. 17 Cash $5,626
Landry Appliances had the following purchase transactions. Journalize all necessary transactions
using the periodic inventory system. Explanations are not required.
E5A-27 Journalizing sales transactions—periodic inventory system
Learning Objective 7
Appendix 5A
Aug. 24 Sales Discounts $50
Journalize the following sales transactions for Aim Right Archery using the periodic inventory
system. Explanations are not required.
E5A-28 Journalizing purchase and sales transactions—periodic inventory system
Learning Objective 7
Appendix 5A
Nov. 22 Accounts Receivable $5,800
Journalize the following transactions for Moody Bicycles using the periodic inventory system.
Explanations are not required.
P5-31A Journalizing purchase and sale transactions
Learning Objective 3
Sep. 10 Cash $3,977
Journalize the following transactions that occurred in September 2016 for Purple Haze, assuming
perpetual inventory system is being used. No explanations are needed. Identify each accounts
payable and accounts receivable with the vendor or customer name.
P5-32A Journalizing purchase and sale transactions
Learning Objectives 1, 2, 3
Nov. 14 Merch. Inv. $40
Journalize the following transactions that occurred in November 2016 for May’s Adventure
Park. No explanations are needed. Identify each accounts payable and accounts receivable with
the vendor or customer name.
P5A-36A Journalizing purchase and sale transactions—periodic inventory system
Learning Objective 7
Appendix 5A
Mar. 10 Cash $5,238
Journalize the following transactions that occurred in March 2016 for Dream Line Company.
Assume Dream Line uses the periodic inventory system. No explanations are needed. Identify
each accounts payable and accounts receivable with the vendor or customer name.
