Summary Ch5 Accounting for merchandising - Financial Accounting with International Financial Reporting Standards - FAC2

Accounting for Merchandise
Operations
Chapter Number Chapter 5




Accounting for Merchandise Operations 1

, 📖 Table of Contents

Outline
5.1 Merchandising Operations and Inventory Systems
Operating Cycles
Flow of Costs
Perpetual Inventory System
Periodic Inventory System
5.2 Recording Purchases Under a Perpetual System
Freight Costs
Freight Costs Incurred by the Buyer
Freight Costs Incurred by the Seller
Purchase Returns and Allowances
Purchase Discounts
Summary of Purchasing Transactions
5.3 Recording Sales Under a Perpetual System
Sales Returns and Allowances
Sales Discounts
5.4 The Accounting Cycle for a Merchandising Company
Adjusting Entries
5.5 Financial Statements for a Merchandiser
Income statement
Comprehensive Income
Classified Statement of Financial Position
5.6 Periodic Inventory System
Determining Cost of Goods Sold
Recording Merchandise Transactions
Recording Purchases of Merchandise
Freight Costs
Purchase Returns and Allowances
Purchase Discounts
Recording Sales of Merchandise
Sales Returns and Allowances
Sales Discounts
Journalizing and Posting Closing Entries
Closing Entries - Income Summary
Perpetual System
Periodic System




Accounting for Merchandise Operations 2