2019会计学原理英文ppt课件Chapter_05Accounting for Merchandising Operations.ppt
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1、Accounting for Merchandising Operations,Chapter 5,Service organizations sell time to earn revenue. Examples: Accounting firms, law firms and plumbing services,Revenues,Service Companies,Manufacturer,Wholesaler,Retailer,Customer,Merchandising Companies,Merchandising Activities,C 1,Reporting Income fo
2、r a Merchandiser,Merchandising companies sell products to earn revenue. Examples: sporting goods, clothing, and auto parts stores,C1,Operating Cycle for a Merchandiser,Begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise.,Purchases,Merchandise inv
3、entory,Credit sales,Account receivable,Cash collection,Purchases,Merchandise inventory,Cash sales,Cash Sale,Credit Sale,C 2,Inventory Systems,+,+,Beginning inventory,Net cost of purchases,= Merchandise available for sale,Ending inventory,Cost of goods sold,C 3,PERPETUAL AND PERIODIC INVENTORY SYSTEM
4、S,Perpetual systems continually update accounting records for merchandising transactions,Periodic systems accounting records relating to merchandise transactions are updated only at the end of the accounting period,C 3,Merchandise Purchases,On November 2, Z-Mart purchased $1,200 of merchandise inven
5、tory for cash.,P1,Trade Discounts,Used by manufacturers and wholesalers to offer better prices for greater quantities purchased.,Example Z-Mart offers a 30% trade discount on orders of 1,000 units or more of their popular product Racer. Each Racer has a list price of $5.25.,P1,Seller Invoice date Pu
6、rchaser Order date Credit terms Freight terms Goods Total invoice,P1,Purchase Discounts,A deduction from the invoice price granted to induce early payment of the amount due.,Credit Terms Time Amount Due,Discount Period,Due: Invoice price minus discount,Credit Period,Due: Full Invoice Price,Date of I
7、nvoice,P1,2/10,n/30,Discount Percent,Number of Days Discount Is Available,Otherwise, Net (or All) Is Due in 30 Days,Credit Period,Purchase Discounts,P1,On November 2nd, Z-Mart purchased $1,200 of merchandise inventory on account, credit terms are 2/10, n/30.,Purchase Discounts,P1,On November 12th, Z
8、-Mart paid the amount due on the purchase of November 2nd .,$1,200 2% = $24 discount,Purchase Discounts,P1,Purchase Discounts,After we post these entries, the accounts involved look like this:,P1,Purchase Returns and Allowances,Purchase Return . . . Merchandise returned by the purchaser to the suppl
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