Accounting - Merchandising Transactions
Learn more about merchandising transactions in accounting such as gross margin percentage, sale of inventory, and more.Publisher: Global Text Project
CertificationView course modules
This course begins with an introduction to Merchandising Transactions. You will learn that they are transactions that deal with inventory and includes the purchase and sale of inventory. You will study the differences between the perpetual inventory system and periodic inventory system as well as look into the gross selling price which is the total amount of money the purchaser pays to the seller in consideration of the sale of goods.
You will then look into Returns and Allowances and learn that is a sales adjustments account representing merchandise returns from customers and deductions to the original selling price when the customer accepts defective products. You will also study the cost of goods sold which refers to the direct costs of producing the goods sold, the classified income statement which is an easy-to-read financial report showing revenues, expenses, and profits, and more!
This accounting course can give you a better insight into the management of stock and related cash flow for the wholesale and retail sectors. Upon the completion of this course, you will become more familiar with the process of recording journal entries for sales transactions involving merchandise as well as learn to determine and describe the cost of goods sold and the distinction between perpetual and periodic inventory procedures. Sign up for this course and gain better understanding of merchandising transactions today!
Having studied this course learners will be able to:
- Record journal entries for sales transactions involving merchandise;
- Determine and describe cost of goods sold and the distinction between perpetual and periodic inventory procedures;
- Record journal entries for purchase transactions involving merchandise; - Describe the freight terms and record transportation costs;
- Prepare a classified income statement;
- Analyze and use the financial results - gross margin percentage;
- Prepare a work sheet and closing entries for a merchandising company;
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