ACCT1101

– Introduction to Financial Accounting Chapter 5

Assignment Questions (P5-2B, P5-3B)

P5-2B – Preparing Journal Entries for Merchandising Activities – Perpetual System

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ACCT1101 – Introduction to Financial Accounting Chapter 5

P5-3B - Preparing adjusting entries and income statements; and computing gross margin, acid-test,
and current ratios

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ACCT1101 – Introduction to Financial Accounting Chapter 5

Discussion Questions (QS 5-6, QS 5-7, Ex 5-6)

QS 5-6 Accounting for shrinkage – perpetual system

QS 5-7 Closing entries

Ex 5-6 Analyzing and recording merchandise transactions – both buyer and seller

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