Periodic System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period. Journalizing: 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. T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. Trial Balance : It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts. To Record: The journal entries.

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Answer 1

Question

Chapter 5, Problem 5.8AP

(a)

To determine

Periodic System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Journalizing: 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.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

Trial Balance: It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

To Record: The journal entries.

(b)

To determine

To Open: The T-Accounts and post the opening balances for 2019.

(c)

To determine

To Prepare: The prepare the trial balance as on January 31, 2019.

(d)

To determine

To Prepare: The prepare the income statement.

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Answer 2

Question

Chapter 5, Problem 5.8AP

(a)

To determine

Periodic System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Journalizing: 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.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

Trial Balance: It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

To Record: The journal entries.

(b)

To determine

To Open: The T-Accounts and post the opening balances for 2019.

(c)

To determine

To Prepare: The prepare the trial balance as on January 31, 2019.

(d)

To determine

To Prepare: The prepare the income statement.

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Answer 3

Question

Chapter 5, Problem 5.8AP

(a)

To determine

Periodic System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Journalizing: 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.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

Trial Balance: It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

To Record: The journal entries.

(b)

To determine

To Open: The T-Accounts and post the opening balances for 2019.

(c)

To determine

To Prepare: The prepare the trial balance as on January 31, 2019.

(d)

To determine

To Prepare: The prepare the income statement.

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Answer 4

Question

Chapter 5, Problem 5.8AP

(a)

To determine

Periodic System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Journalizing: 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.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

Trial Balance: It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

To Record: The journal entries.

(b)

To determine

To Open: The T-Accounts and post the opening balances for 2019.

(c)

To determine

To Prepare: The prepare the trial balance as on January 31, 2019.

(d)

To determine

To Prepare: The prepare the income statement.

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Answer 5

Chapter 5, Problem 5.8AP

(a)

To determine

Periodic System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Journalizing: 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.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

Trial Balance: It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

To Record: The journal entries.

(b)

To determine

To Open: The T-Accounts and post the opening balances for 2019.

(c)

To determine

To Prepare: The prepare the trial balance as on January 31, 2019.

(d)

To determine

To Prepare: The prepare the income statement.

Answer 6

Chapter 5, Problem 5.8AP

(a)

To determine

Periodic System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Journalizing: 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.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

Trial Balance: It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

To Record: The journal entries.

Answer 7

Chapter 5, Problem 5.8AP

(a)

To determine

Periodic System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Journalizing: 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.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

Trial Balance: It is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

To Record: The journal entries.

Answer 8

(b)

To determine

To Open: The T-Accounts and post the opening balances for 2019.

Answer 9

(b)

To determine

To Open: The T-Accounts and post the opening balances for 2019.

Answer 10

(c)

To determine

To Prepare: The prepare the trial balance as on January 31, 2019.

Answer 11

(c)

To determine

To Prepare: The prepare the trial balance as on January 31, 2019.

Answer 12

(d)

To determine

To Prepare: The prepare the income statement.

Answer 13

(d)

To determine

To Prepare: The prepare the income statement.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 5 - Prob. 1Q Ch. 5 - Prob. 2Q Ch. 5 - Prob. 3Q Ch. 5 - Prob. 4Q Ch. 5 - 5. When is cost of goods sold determined in a...Ch. 5 - 6. Distinguish between FOB shipping point and FOB...Ch. 5 - 7. Explain the meaning of the credit terms 2/10,...Ch. 5 - 8. Goods costing $2,000 are purchased on account...Ch. 5 - 9. Ming Xu believes revenues from credit sales may...Ch. 5 - 10. (a) What is the primary source document for...

To Open: The T-Accounts and post the opening balances for 2019.

To Prepare: The prepare the trial balance as on January 31, 2019.

To Prepare: The prepare the income statement.

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Chapter 5 Solutions