Journal entry : Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements. The following are the rules of debit and credit: 1. Increase in assets and expenses accounts are debited. Decrease in liabilities and stockholders’ equity accounts are debited. 2. Increase in liabilities, revenues, and stockholders’ equity accounts are credited. Decreases in all asset accounts are credited. To Record: The journal entries in the books of Company A using periodic inventory system.

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Answer 1

Question

Chapter 5, Problem 5.16E

(a)

To determine

Journal entry: Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements.

The following are the rules of debit and credit:

1. Increase in assets and expenses accounts are debited. Decrease in liabilities and stockholders’ equity accounts are debited.

2. Increase in liabilities, revenues, and stockholders’ equity accounts are credited. Decreases in all asset accounts are credited.

To Record: The journal entries in the books of Company A using periodic inventory system.

(b)

To determine

To Record: The journal entry for payment of due amount on May 4.

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Answer 2

Question

Chapter 5, Problem 5.16E

(a)

To determine

Journal entry: Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements.

The following are the rules of debit and credit:

1. Increase in assets and expenses accounts are debited. Decrease in liabilities and stockholders’ equity accounts are debited.

2. Increase in liabilities, revenues, and stockholders’ equity accounts are credited. Decreases in all asset accounts are credited.

To Record: The journal entries in the books of Company A using periodic inventory system.

(b)

To determine

To Record: The journal entry for payment of due amount on May 4.

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Answer 3

Question

Chapter 5, Problem 5.16E

(a)

To determine

Journal entry: Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements.

The following are the rules of debit and credit:

1. Increase in assets and expenses accounts are debited. Decrease in liabilities and stockholders’ equity accounts are debited.

2. Increase in liabilities, revenues, and stockholders’ equity accounts are credited. Decreases in all asset accounts are credited.

To Record: The journal entries in the books of Company A using periodic inventory system.

(b)

To determine

To Record: The journal entry for payment of due amount on May 4.

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Answer 4

Question

Chapter 5, Problem 5.16E

(a)

To determine

Journal entry: Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements.

The following are the rules of debit and credit:

1. Increase in assets and expenses accounts are debited. Decrease in liabilities and stockholders’ equity accounts are debited.

2. Increase in liabilities, revenues, and stockholders’ equity accounts are credited. Decreases in all asset accounts are credited.

To Record: The journal entries in the books of Company A using periodic inventory system.

(b)

To determine

To Record: The journal entry for payment of due amount on May 4.

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Answer 5

Chapter 5, Problem 5.16E

(a)

To determine

Journal entry: Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements.

The following are the rules of debit and credit:

1. Increase in assets and expenses accounts are debited. Decrease in liabilities and stockholders’ equity accounts are debited.

2. Increase in liabilities, revenues, and stockholders’ equity accounts are credited. Decreases in all asset accounts are credited.

To Record: The journal entries in the books of Company A using periodic inventory system.

(b)

To determine

To Record: The journal entry for payment of due amount on May 4.

Answer 6

Chapter 5, Problem 5.16E

(a)

To determine

Journal entry: Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements.

The following are the rules of debit and credit:

1. Increase in assets and expenses accounts are debited. Decrease in liabilities and stockholders’ equity accounts are debited.

2. Increase in liabilities, revenues, and stockholders’ equity accounts are credited. Decreases in all asset accounts are credited.

To Record: The journal entries in the books of Company A using periodic inventory system.

Answer 7

Chapter 5, Problem 5.16E

(a)

To determine

Journal entry: Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements.

The following are the rules of debit and credit:

1. Increase in assets and expenses accounts are debited. Decrease in liabilities and stockholders’ equity accounts are debited.

2. Increase in liabilities, revenues, and stockholders’ equity accounts are credited. Decreases in all asset accounts are credited.

To Record: The journal entries in the books of Company A using periodic inventory system.

Answer 8

(b)

To determine

To Record: The journal entry for payment of due amount on May 4.

Answer 9

(b)

To determine

To Record: The journal entry for payment of due amount on May 4.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 5 - Prob. 1Q Ch. 5 - Prob. 2Q Ch. 5 - Prob. 3Q Ch. 5 - Prob. 4Q Ch. 5 - Waymon Co. has net sales of 100,000, cost of goods...Ch. 5 - Masie Ascot believes revenues from credit sales...Ch. 5 - (a) What is the primary source document for...Ch. 5 - Prob. 8Q Ch. 5 - As the end of Smyle Companys fiscal year...Ch. 5 - To encourage bookstores to buy a broader range of...

Solution Summary: The author explains periodic inventory system, which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for payment of due amount on May 4.

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Chapter 5 Solutions