Professional Documents
Culture Documents
TUTORIAL 6
Topic: Merchandising
QUESTION 1
Sept.
6 Buy 80 sets of stationery at RM20 per set from Mega Sdn Bhd, n/30 requirement.
Dr. Inventory 1600 Cr. Trade Payable 1600
12 Sales 26 sets of stationery (cost RM21 including transport cost) at RM31 per set to
Excellent Bookstore, n/30 requirement.
14 Give RM31 credit to the Excellent Bookstore for the return of a set of stationery that was
not included in the reservation.
20 Sales 30 sets of stationery (cost RM21) at RM31 per set to Pintar Enterprise on credit.
Required:
Prepare journal entries for the deal throughout September.
1
QUESTION 2
The following are Business Sincere transactions.
3. On Dec 13, Business Sincere received the balance of debt from Cerdik Enterprise.
Required:
1. Prepare journal entries to record transactions in Business Sincere books using a
continuous inventory system.
2. Suppose Business Sincere receives the balance of debt from Cerdik Enterprise on 2
January of the following year, not December 13th. Prepare a journal note to record
receipts of payments on January 2.
QUESTION 3
The following transactions have been involved by the People's Retail Business during the
month of September 2010:
5 Selling groceries to customers for RM800 in cash. The cost of goods sold is
RM420.
2
30 Received the balance owed from En. Budiman for his purchase on
September 21.
Required:
Journal the above transactions into the general journal assuming the company uses;
1. Inventory system continues.
2. Periodic inventory system.
QUESTION 4
The following account balances for Syarikat Permata as of 31 October 2017, at the end of the
financial year. The accounts all have normal balances.
RM
Sales 298,000
Sales discounts 12,000
Cost of goods sold 150,000
Transportation. 200
Purchase discounts 300
Sales salary expenses 4,000
Administrative salary expenses 3,000
Rental expenses 5,000
Utility expenses 2,000
6. Rental payments received from customers for September, October and November
were credited to the Uneasy Rental account on September 1, 2017. The monthly rent
is RM4,500.
Required: