Accountant General

This week, we will be reviewing Chapter 5 on Merchandising Operations. Companies like Wal-Mart, Target, and Amazon are all examples of companies that purchase inventory from suppliers, and then sell those products to consumers.

1).  Describe the 2 formats for the income statement of a merchandising company, and list the respective sub-totals found in each income statement format. (You should describe some of the accounts found on each type of income statement).

2).  a) Describe purchase discounts and purchase returns & allowances.

b) Describe the 2 shipping terms methods companies use when delivering products, and how freight costs are accounted for.

3).  Sales on Account – Many sales are made on account (on credit) instead of with cash or a credit card. Assume that your new company purchases products for reselling to customers, and your plan is to sell those products at a profit. Make the appropriate journal entries to record the sale (on account – ie., on credit) assuming your company sells 4 of those products to a single customer. (You should select any price you wish to pay to your vendor for the purchase).  Hint – There will be 2 entries…Be sure to include both the sale to the customer, as well as the impact of the reduction of inventory through the cost of goods sold.

Post your initial response to the discussion question no later than Thursday at 11:59 PM EST/EDT. You will not be able to see any of your classmates’ posts until you have posted your initial response.

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