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chapter 5: ACCOUNTING FOR MERCHANDISING OPERATIONS - Coggle Diagram
chapter 5: ACCOUNTING FOR MERCHANDISING OPERATIONS
Merchandising activities
SERVICE COMPANIES
sell time; Examples: Accounting firms, law firms and plumbing services
is:
Wholesaler
and
Retailer
MERCHANDISING COMPANIES
sell products; Examples: sporting goods, clothing, and auto parts stores
2 activities
Mua và Bán(sale)
(buy) CoGS( cost of goods sold)
Net Sales - cost of goods sold =
Gross Profit
Gross Profit
- operating expenses = net income
INVENTORY EQUATION
Beginning inventory + Net cost of purchases - cost of goods sold
= Ending inventory
2 type report for accounting
mix two type
Perpetual systems
Continually update
quét mã hàng trong siêu thị
xem trong kho còn bao sản phẩm
hiện doanh thu luôn
Periodic systems
updated only at the end of the accounting period
cửa hàng nhỏ, ko có nhiều tiền đầu tư hệ thống kiểm kê
ACCOUNTING FOR MERCHANDISE
PURCHASES
(KẾ TOÁN HOẠT ĐỘNG MUA HÀNG)
purchased $1,200 of merchandise inventory for cash.
hàng mình mua về nhưng chưa bán
Dr merchandise inventory(assets) $1,200
Cr cash $1,200
(purchase merchandise for cash)
TRADE DISCOUNTS
will discount when purchased
greater quantities
PURCHASE DISCOUNTS
will discount when
payment before deadline
terms
2/10; n/30; 3/15; n/EOM
Nov 2, purchased $1,200 of merchandise inventory on account, credit terms are 2/10, n/30.
Dr merchandise inventory $1,200
Cr account payable $1,200
(Purchased merchandise on account, credit term 2/10, n/30)
On November 12th, Z-Mart paid the amount due on the purchase of November 2nd
Cr cash $1,176
Cr merchandise inventory $24
Dr account payable $1,200
(payment for merchandise of Nov 2, less 2% discount: $1,200*2% =$24)
Purchase returns and allowances
(chiết khấu trả lại hàng, trả lại tiền)
Purchase Return: Returned defective merchandise to supplies
Purchase Allowance: ↓cost of broken goods
On November 5th , Z-Mart returned $300
of defective merchandise to the supplier.
Cr merchandise inventory $300
(Returned defective merchandise)
Dr account payable $300
On November 12th, Z-Mart paid the amount
owed for the purchase of November 2nd
Cr cash $882
Cr merchandise inventory $18
Dr Account Payable $900
(payment for merchandise of Nov 2, less 2% discount: $900*2% =$18)
TRANSPORTATION COSTS
seller - FOB shipping point ( buyer pays)
ng bán đưa hàng cho shipper, hết trách nghiệm
làm tăng giá inventory
On November 2nd , Z-Mart purchased $1,200 of merchandise inventory for cash and also paid $75 transportation costs.
Cr cash $1,275
(purchase merchandise $1,200; ship $75
Dr merchandise inventory $1,275
buyer - FOB destination (seller pays)
ng bán trả tiền, chịu trách nghiệm cho đến khi hàng đến tay ng nhận
ACCOUNTING FOR MERCHANDISE
SALES
(KẾ TOÁN HOẠT ĐỘNG bán HÀNG)
On November 3rd , Z-Mart sold $2,400 of merchandise on credit. The merchandise has a cost basis to Z-Mart of $1,600.
Cr sales 2,400
Dr cost of good sold 1,600
Cr merchandise inventory 1,600
(record sales)
Dr account receivable 2,400
SALES DISCOUNTS
Z-Mart completes a credit sale for $1,000 on November 12th, the merchandise cost $800. Terms of 2/10, n/60, and the account was paid in full within the discount period.
Dr cash 980
Dr sales discounts 20
là tài khoản đối ứng với sales
Cr account receivable 1,000
(receive payable , less 2% discount)