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Accounting For Merchandising Activities
- 1. Chapter 6
- 3. Financial Performance of a Merchandising Company Sales Revenue Cost of Goods Sold Less Gross Profit Equals Operating Expenses Less Net Income (Loss) Equals
- 4. Merchandising Cash Flow Beginning Inventory Goods Purchased during period Cost of Goods Available for Sale Ending Inventory (Balance Sheet) Cost of Goods Sold (Income Statement) Not Sold Sold
- 6. Recording Purchases For purchases on account, Merchandise Inventory is debited and Accounts Payable is credited. For cash purchases, Merchandise Inventory is debited and Cash is credited.
- 9. Purchase Discounts 2/10,n/30 Number of Days Discount is Available Otherwise, Net (or All) is Due Within Credit Period Discount Percent
- 20. Example Continued Credit Debit PR Account Titles and Explanation Date 1200 500 60 36 15 1200 500 60 36 15 Accounts Receivable Revenue Cost of Goods Sold Merchandise Inventory Sales Returns and Allowances Accounts Receivable Sales Returns and Allowances Accounts Receivable Merchandise Inventory Cost of Goods Sold Mar. 15 Mar. 18 Mar. 20