ACC101 Tutorial Qs
Augintake 2021 Week 6
Exercises
Exercise 6.1
Journal entries for both buyer and seller — periodic inventory system
Non- GST version
(a) Prepare general journal entries to record the following transactions (i) for Elwood
Ltd and (ii) for Balaclava Ltd. Both companies use a periodic inventory system.
(Assume neither is registered for GST.)
Elwood Ltd (Seller)
Balaclava Ltd (Buyer)
Debit
Credit
Debit
Credit
$
$
$
$
(b) Indicate how each relevant account balance should be reported in the financial
statements of Elwood Ltd and Balaclava Ltd.
(LO3)
ACC101 Tutorial Qs
Augintake 2021 Week 6
Exercise 6.2
Journal entries — perpetual inventory system
Non-GST version
Using the perpetual inventory system, record the following transactions in the general
journal of Fitzroy Ltd (assume GST does not apply):
1. Purchased 240 units for $220 each on credit.
2. Returned 12 units to the supplier.
3. Sold 48 units for $380 each on credit.
4. Purchased office supplies for $360 cash.
5. Customer returned 6 of the units sold in (3).
6. Sold 42 units for $390 each on credit.
7. The physical inventory count at the end of the period consisted of 140 units of
inventory.
(LO3 and LO4)
Exercise 6.5
Discounts and returns
