Please review all of your notes and class assignments and complete the review below.
- Bank Reconciliation and Journal Entries
- Adjusting Entries (including depreciation)
- Journal Entries for a Merchandising Business (know all the Source Documents and entries required)
- Financial Statements (Income Statement for a Merchandising Business)
Completing the Accounting Cycle
Pages 323-325 Ex.4-6
Cash and Internal Controls
Page 354 Ex.3
Page 386 Ex.2
Accounting for a Merchandising Business
Pages 455-458 Ex.1,2,4
Page 459 Ex.5
Page 462 Ex.11
For Additional Practice and Review
Review all T/F & M/C questions at the end of each chapter, review the Chapter Highlights and Accounting Terms at the end of each chapter.
If you have not done so please complete:
- Read 396-417
- Review Questions 1-17 Page 401, Exercise 2-5 Page 402
- Review Questions 1-11 and Exercises 1-2 Page 406
- Read 417-424
- Review Questions 1-15 (pg.424) Exercise 1-2,5 Page 424-427
In addition, please complete the following:
- Read 427-434
- Review Questions 1-16 Page 432
- Exercises 1-5
- Exercise 2 Page 456 (very important)
- Freight In
Questions You Should be Able to Answer:
What are the journal entries to record the purchase and sale of merchandise?
What is the formula to determine the Cost of Goods Sold in a periodic inventory system?
What is the Freight In account?
How is the merchandise inventory shown on both the income statement and balance sheet?
Additional Practice and Review:
Page 402 Exercise 2, 3 and 4
page 406 Exercise 1 and 3
If you are experiencing any difficulties during the holidays and need someone to reach out to, please use the following resources:
Kids Help Phone – 1-800-668-6868 or go to www.kidshelpphone.ca (available 24 hours a day)
Crisis Response Service – call (416) 410-8615 (available 7 days per week, 24 hours a day)
Tangerine Walk-In Counselling (Visit www.tangerinewalkin.com for clinic location & hours)
Rapport Family and Youth services (visit www.rapportyouth.com)
Have a safe and restful holiday on behalf of the NPSS Guidance Team.
Discussion: the new accounts: MERCHANDISE, PURCHASES, SALES AND Freight IN
Please review Page 399 in the textbook!
- Additional Practice and Review:
- Read 404-406
- Review Questions 1-11 (page 406)
- Important: Exercise 1-2 (page 407-408)
- Read Pages 396-401
- Complete Review Questions 1-17
- Exercises 2,3,4
- What is a merchandising business?
- How is it different from a service business?
- Wholesaler vs. Retailer
What is inventory?
- Why is it so critical?
Discussion: Two Aspects – BS (Current Asset) and IS (COGS)
Periodic vs. Perpetual inventory systems – The Inventory Cycle
What is COGS? – calculation and using the equation
Additional Review and Practice:
- Read 396-401, 404-406
- Complete Exercise 2-5 Page 402
- Questions 1-17 Page 401
Read Pages 357-365
Complete Exercise 2-3 Page 364
Using the Petty Cash
Journal Entries for the Petty Cash