Kế toán doanh nghiệp - Chapter 4: Reporting and analyzing merchandising operations
Adjusting entries for a merchandiser will generally be the same as those for a service-based organization One additional adjustment will need to be made to the Merchandise Inventory account to adjust for Shrinkage in the account. Next, let’s complete the accounting cycle by preparing the closing entries for Barton Company.
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Financial AccountingJohn J. WildSeventh Edition Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Chapter 4Reporting and Analyzing Merchandising OperationsManufacturerWholesalerRetailerCustomerMerchandising CompaniesMerchandising ActivitiesC14-*Reporting Income for a Merchandiser Merchandising companies sell products to earn revenue.Examples: sporting goods, clothing, and auto parts storesCost of goods soldGross profitExpensesNet incomeNet salesMinusEqualsMinusEqualsC14-*Operating Cycle for a Merchandiser Begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise.PurchasesMerchandise inventoryCredit salesAccounts receivableCash collectionPurchasesMerchandise inventoryCash salesCash SaleCredit SaleC24-*Inventory Systems++Beginning inventoryNet purchases Merchandise available for saleEnding inventoryCost of goods sold=C24-*Cost of Merchandise PurchasedP14-*Sales Returns and Allowances On June 20, Barton received the amount owed to it from the sale of June 12.P24-*Adjusting Entries for a MerchandiserAdjusting entries for a merchandiser will generally be the same as those for a service-based organizationOne additional adjustment will need to be made to the Merchandise Inventory account to adjust for Shrinkage in the account.Dec 31 Cost of Goods Sold . . . . . 250 Merchandise Inventory . . . . 250 (To adjust for $250 shrinkage revealed by a physical count of inventory.)P34-*P34-*Next, let’s complete the accounting cycle by preparing the closing entries for Barton Company.Completing the Accounting CycleMultiple-Step Income StatementP44-*Balance SheetP44-*End of Chapter 44-*
