会计学原理英文课件Chapter_05Accounting for Merchandising Operations教学教材.pptVIP

ACCOUNTING FOR MERCHANDISING OPERATIONS; Service organizations sell time to earn revenue. Examples: Accounting firms, law firms and plumbing services ;;REPORTING INCOME FOR A MERCHANDISER;OPERATING CYCLE FOR A MERCHANDISER;MERCHANDISE PURCHASES;TRADE DISCOUNTS;?Seller ?Invoice date ?Purchaser ?Order date?Credit terms ?Freight terms?Goods ?Total invoice;PURCHASE DISCOUNTS;2/10,n/30; On November 2nd, Z-Mart purchased $1,200 of merchandise inventory on account, credit terms are 2/10, n/30.; On November 12th, Z-Mart paid the amount due on the purchase of November 2nd .;PURCHASE DISCOUNTS;PURCHASE RETURNS AND ALLOWANCES; On November 2nd, Z-Mart purchased $1,200 of merchandise inventory on account, credit terms are 2/10, n/30.; On November 5th , Z-Mart returned $300 of defective merchandise to the supplier.; On November 12th, Z-Mart paid the amount owed for the purchase of November 2nd.;TRANSPORTATION COSTS AND OWNERSHIP TRANSFER;TRANSPORTATION COSTS;ACCOUNTING FOR MERCHANDISE;ACCOUNTING FOR MERCHANDISE SALES; On November 3rd , Z-Mart sold $2,400 of merchandise on credit. The merchandise has a cost basis to Z-Mart of $1,600. ; Z-Mart completes a credit sale for $1,000 on November 12th, the merchandise cost $800. Terms of 2/10, n/60, and the account was paid in full within the discount period.; Recall Z-Mart’s sale for $2,400 that had a cost of $1,600. Assume the customer returns part of the merchandise. The returned items sell for $800 and cost $600.; Recall the $800 of merchandise sold by Z-Mart to a customer. The merchandise was defective but the customer agreed to keep it because Z-Mart offers a $100 price reduction.;MERCHANDISING COST FLOW IN THE ACCOUNTING CYCLE;ADJUSTING ENTRIES FOR MERCHANDISERS;CLOSING ENTRIES FOR MERCHANDISERS;CLOSING ENTRIES FOR MERCHANDISERS;CLOSING ENTRIES FOR MERCHANDISERS;CLOSING ENTRIES FOR MERCHANDISERS;INCOME STATEMENT FORMATS;MULTIPLE-STEP INCOME STATEMENT;SINGLE-STEP INCOME STATEMENTNOTE: INTEREST REVENUE 350