Financial Accounting Ch5 - Retail скачать в хорошем качестве

Financial Accounting Ch5 - Retail

In this lecture, we explore the accounting process for retail businesses and merchandise transactions. By the end of this chapter, you should be able to distinguish between the activities and financial statements of service and retail businesses, describe and illustrate the accounting for merchandise transactions, and explain the adjusting process for a retail business. We also go over credit terms, shipping terms, discounts, credit card fees, returns, coupon allowances, and adjusting entries to show how these transactions affect the books. This session will help you understand how merchandising companies prepare accurate financial statements. We also cover closing entries and the preparation of a multi-step income statement, including cost of goods sold, gross profit, selling and administrative expenses, and operating income. In addition, we discuss the process for recording inventory under the periodic inventory system.