# Chapter 5 Financial Accounting Answers

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CHAPTER 5

Merchandising Operations

ASSIGNMENT CLASSIFICATION TABLE

| | | | |Brief | | | |A | |B |
|Study Objectives | |Questions | |Exercises | |Exercises | |Problems | |Problems |
| | | | | | | | | | | |
|1. Identify the differences between a | |1, 2, 3, 4 | | | | | |1A | |1B |
|service company and a merchandising company.| | | | | | | | | | |
| | | | | | | | | | | |
|2. Explain the recording of purchases under | |5 | |1 | |1, 2, 3 | |2A, 3A, 4A, 7A, | |2B, 3B, 4B, 7B, |
|a perpetual inventory system. | | | | | | | | | | |
| | | | | | | | | | | |
|3. Explain the recording | |6, 7, 8 | |2 | |2, 3, | |2A, 3A, 4A, | |2B, 3B, |
|of sales under a perpetual inventory system.| | | | | | | | | |4B |
| | | | | | | | | | | |
|4. Distinguish between a single-step and a | |9, 10, 11, 12 | |3, 4, 5 | |4, 5, 6 |

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