Hello

In: English and Literature

Submitted By bigboy17
Words 15281
Pages 62
CHAPTER 5 ACCOUNTING FOR MERCHANDISING BUSINESSES
DISCUSSION QUESTIONS
1. Merchandising businesses acquire merchandise for resale to customers. It is the selling of merchandise, instead of a service, that makes the activities of a merchandising business different from the activities of a service business. Yes. Gross profit is the excess of (net) sales over cost of merchandise sold. A net loss arises when operating expenses exceed gross profit. Therefore, a business can earn a gross profit but incur operating expenses in excess of this gross profit and end up with a net loss. The date of sale as shown by the date of the invoice or bill. a. b. c. 5. 6. a. 1% discount allowed if paid within 15 days of date of invoice; entire amount of invoice due within 60 days of date of invoice. Payment due within 30 days of date of invoice. Payment due by the end of the month in which the sale was made. A credit memo issued by the seller of merchandise indicates the amount for which the buyer’s account is to be credited (credit to Accounts Receivable) and the reason for the sales return or allowance. A debit memo issued by the buyer of merchandise indicates the amount for which the seller’s account is to be debited (debit to Accounts Payable) and the reason for the purchases return or allowance. The buyer The seller

2.

3. 4.

Sales to customers who use MasterCard or VISA cards are recorded as cash sales.

b.

7. 8. 9. 10.

a. b.

Examples of such accounts include the following: Sales, Sales Discounts, Sales Returns and Allowances, Cost of Merchandise Sold, Merchandise Inventory. Cost of Merchandise Sold would be debited; Merchandise Inventory would be credited. Loss from Merchandise Inventory Shrinkage would be debited.

5-1
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