Chapter Review
5-6ePractice Exercises
Revenue Journal
OBJ. 2
-
EE 5-1 The following revenue transactions occurred during August:
Aug. 4. Issued Invoice No. 162 to Oasis Enterprises Co. for services provided on account, $320. 15. Issued Invoice No. 163 to City Electric Inc. for services provided on account, $535. 25. Issued Invoice No. 164 to Juniper Co. for services provided on account, $170. Record these three transactions in the following revenue journal format:
REVENUE JOURNAL
Date
Invoice No.
Account Debited
Post. Ref.
Accts. Rec. Dr. Fees Earned Cr.
Revenue Journal
OBJ. 2
-
EE 5-1 The following revenue transactions occurred during April:
Apr. 6. Issued Invoice No. 78 to BlueBird Co. for services provided on account, $1,710. 11. Issued Invoice No. 79 to Hitchcock Inc. for services provided on account, $3,320. 19. Issued Invoice No. 80 to Fletcher Inc. for services provided on account, $550. Record these three transactions in the following revenue journal format:
REVENUE JOURNAL
Date
Invoice No.
Account Debited
Post. Ref.
Accts. Rec. Dr. Fees Earned Cr.
Accounts Receivable Subsidiary Ledger
OBJ. 2
-
EE 5-2 The debits and credits from two transactions are presented in the following customer account:
NAME
ADDRESS
Central Entertainment
125 Wycoff Ave.
Date
Item
Post. Ref.
Debit
Credit
Balance
Feb. 1
Balance
✓
460
22
Invoice No. 422
CR106
200
260
27
Invoice No. 445
R92
280
540
Describe each transaction and the source of each posting.
Accounts Receivable Subsidiary Ledger
OBJ. 2
-
EE 5-2 The debits and credits from two transactions are presented in the following customer account:
NAME
ADDRESS
Eclypse Products Inc.
46 W. Main St.
Date
Item
Post. Ref.
Debit
Credit
Balance
Aug. 1
Balance
✓
1,420
10
Invoice No. 119
R24
890
2,310
17
Invoice No. 106
CR46
720
1,590
Describe each transaction and the source of each posting.
Purchases Journal
OBJ. 2
-
EE 5-3 The following purchase transactions occurred during October for NonStop Inc.:
Oct. 6. Purchased office supplies for $310, on account from U-Save Supply Inc. 14. Purchased office equipment for $3,430, on account from Zell Computer Inc. 26. Purchased office supplies for $485, on account from U-Save Supply Inc. Record these transactions in the following purchases journal format:
PURCHASES JOURNAL
Date
Account Credited
Post. Ref.
Accounts Payable Cr.
Office Supplies Dr.
Other Accounts Dr.
Post. Ref.
Amount
Purchases Journal
OBJ. 2
-
EE 5-3 The following purchase transactions occurred during March for Celebration Catering Service:
Mar. 11. Purchased party supplies for $820, on account from Gift Pack Supplies Inc. 14. Purchased party supplies for $425, on account from Fun 4 All Supplies Inc. 27. Purchased office furniture for $3,330, on account from Office Space Inc. Record these transactions in the following purchases journal format:
PURCHASES JOURNAL
Date
Account Credited
Post. Ref.
Accounts Payable Cr.
Party Supplies Dr.
Other Accounts Dr.
Post. Ref.
Amount
Accounts Payable Subsidiary Ledger
OBJ. 2
-
EE 5-4 The debits and credits from two transactions are presented in the following creditor’s (supplier’s) account:
NAME
ADDRESS
Sunstar Technology
2199 Commerce Place
Date
Item
Post. Ref.
Debit
Credit
Balance
Nov. 1
Balance
✓
8,560
11
Invoice No. 85
P8
1,680
10,240
22
Invoice No. 43
CP46
2,980
7,260
Describe each transaction and the source of each posting.
Accounts Payable Subsidiary Ledger
OBJ. 2
-
EE 5-4 The debits and credits from two transactions are presented in the following creditor’s (supplier’s) account:
NAME
ADDRESS
Quinlan Inc.
5000 Grand Ave.
Date
Item
Post. Ref.
Debit
Credit
Balance
Jan. 1
Balance
✓
163
11
Invoice No. 122
CP71
113
50
26
Invoice No. 139
P55
128
178
Describe each transaction and the source of each posting.
Segment Analysis
OBJ. 5
-
EE 5-5 Verity Company does business in two customer segments: Retail and Wholesale. The following annual revenue information was determined from the accounting system’s invoice information:
Prepare horizontal and vertical analyses of the segments. Round to one decimal place.
Segment Analysis
OBJ. 5
-
EE 5-5 Navigator Life, Inc., does business in two product segments: Camping and Fishing. The following annual revenue information was determined from the accounting system’s invoice information:
Prepare horizontal and vertical analyses of the segments. Round to one decimal place.