Summary Ch5 Accounting for merchandising - Financial Accounting with International Financial Reporting Standards - FAC2
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Course
FAC2 (FAC2)
Institution
Hanzehogeschool Groningen (Hanze)
Book
Financial Accounting with International Financial Reporting Standards
Provides in-depth summary of chapter 5. including, Merchandising Operations and Inventory Systems, Recording Purchases Under a Perpetual System, Recording Sales Under a Perpetual System, Accounting Cycle for a Merchandising Company, Financial Statements for a Merchandiser, Periodic Inventory System.
Accounting Categories (Debit and Credit Balances) - Financial Accounting (FAC)
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Hanzehogeschool Groningen (Hanze)
International Business and Management Studies
FAC2 (FAC2)
All documents for this subject (13)
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Content preview
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
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