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Chapter 5: Merchandising Operations

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Horngren'S Financial And Managerial Accounting
Pages: 249 - 325

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112 Questions for Chapter 5: Merchandising Operations

  1. Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc.):

    Found on Page 300
  2. Journalize the following sales transactions for Paul Sportswear. Explanations are not required.

    Found on Page 325
  3. Click Computers has the following transactions in July related to the sale of merchandise inventory.

    Found on Page 325
  4. Journalize the following sales transactions for Sierra Tractors. Explanations are not required.

    Found on Page 325
  5. 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, to The Salem Store. The Salem Store paid the balance to Muddyriver.com on October 22.

    Found on Page 325
  6. Journalize the following sales transactions for Austin Mall. Assume Austin Mall uses the gross method to record sales revenue. Explanations are not required.

    Found on Page 325
  7. This problem continues the Canyon Canoe Company situation and focuses on non-merchandising transactions, adjusting and closing entries, and preparing financial statements. Canyon Canoe Company does not typically prepare adjusting and closing entries each month, but the company is surprised at how popular the shirts are and wishes to know the net income for January and would also like to understand how to prepare the closing entries for a merchandising company. During January 2019, Canyon Canoe Company completed the following non-merchandising transactions:

    Found on Page 321
  8. Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit percentage

    Found on Page 322
  9. Journalize the following transactions that occurred in November 2018 for Julie’s Fun World. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Julie’s Fun World estimates sales returns at the end of each month.

    Found on Page 307
  10. The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows:

    Found on Page 308

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