ACCOUNTINGFORMERCHANDISINGACTIVITIESChapter

61ACCOUNTINGFORMERCHANDISINGAOperatingCycleofaMerchandisingCompanyOperatingcycle營業(yè)周期 Theaverageperiodbetweenthepurchaseofmerchandiseandtheconversionofthismerchandisebackintocash.2OperatingCycleofaMerchandiOperatingCycleofaMerchandisingCompany1.Purchaseofmerchandise3.Collectionofthereceivables2.SaleofmerchandiseonaccountCashInventoryAccountsReceivableCashsales3OperatingCycleofaMerchandiComparingMerchandisingActivitieswithManufacturingActivitiesMerchandisingCompanyPurchaseinventoryinready-to-sellcondition.ManufacturingCompanyManufactureinventoryandhavealongerandmorecomplexoperatingcycle4ComparingMerchandisingActiviIncomeStatementofaMerchandisingCompanyCostofgoodssold銷貨成本representstheexpenseofgoodsthataresoldtocustomers.Grossprofitisausefulmeansofmeasuringtheprofitabilityofsalestransactions.5IncomeStatementofaMerchandWhatAccountingInformationDoesaMerchandisingCompanyNeed?FinancialReportingRequirementsDailyBusinessOperatingRequirementsSpecialReportingRequirementsExamplesRevenuesExpenses

CustomerLedgers

TaxReports6WhatAccountingInformationDoGeneralLedgerAccountsAlthoughgeneralledgeraccountsprovideusefulinformation,theydonotprovidemuchofthedetailedinformationneededinthedailybusinessoperations.Whoowesusmoney?7GeneralLedgerAccountsAlthougSubsidiaryLedgers明細(xì)分類賬:ASourceofNeededDetailsControllingAccount統(tǒng)制賬戶8SubsidiaryLedgers明細(xì)分類賬:ASSubsidiaryLedgersAccountsreceivable(subsidiary)ledger應(yīng)收賬款明細(xì)賬

--AlistofallthechargecustomersandtheirrespectivebalanceAccountspayable(subsidiary)ledger

應(yīng)付賬款明細(xì)賬--AlistofallsuppliersandtheirrespectivebalanceInventorysubsidiaryledger存貨明細(xì)賬(p.227)

--separateaccountforeachtypeofproductinthecompany’sinventory9SubsidiaryLedgersAccountsrecSubsidiaryLedgersAccountsreceivableledgerName:___________________________________________Address:_________________________________________DateItemPostDebitCreditBalanceRef.

10SubsidiaryLedgersAccountsrec1111TwoApproachesUsedinAccountingforMerchandiseTransactionsPerpetualInventorySystemPeriodicInventorySystem12TwoApproachesUsedinAccountPerpetualInventorySystem

永續(xù)盤存制Theinventoryaccountiscontinuouslyupdatedtoreflectitemsonhand.Let’slookatsomeentries!13PerpetualInventorySystem

永續(xù)盤PerpetualInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.14PerpetualInventorySystemOnSPerpetualInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.10*$30=$30015PerpetualInventorySystemOnSPerpetualInventorySystemCostRetailOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.16PerpetualInventorySystemCostPerpetualInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.17PerpetualInventorySystemOnSPerpetualInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.18PerpetualInventorySystemOnSTheInventorySubsidiaryLedgerAttheendoftheperiod,managementcomparesthephysicalinventorycount實地盤存withtheinventoryledgertodetermineinventoryshrinkage存貨損耗.19TheInventorySubsidiaryLedgePerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-Costofgoodsold

Sales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Sep.10300Purchase100units,30$@sales10units,50$@Sep.10300AccountRec.++-PerpetualInventoryMethodInve20TakingaPhysicalInventoryInordertoensuretheaccuracyoftheirperpetualrecords,mostbusinessestakeacompletephysicalcountofthemerchandiseonhandatleastonceayear.21TakingaPhysicalInventoryInTakingaPhysicalInventoryReasonableamountsofinventoryshrinkageareviewedasanormalcostofdoingbusiness.Examplesincludebreakage,spoilageandtheft.OnDecember31,WorleyCo.countsitsinventory.Aninventoryshortageof$2,000isdiscovered.22TakingaPhysicalInventoryReaPerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-Costofgoodsold

+-=+Sep.53000Dec.312000Sep.10300Inventoryshrinkage

Sep.10300Dec.312000PerpetualInventoryMethodInve23PerpetualInventorySystemBeginninginventoryCostofgoodsavailable+Purchasesforsale-Costofgoodssold=EndinginventoryNetSales-Costofgoodsold=GrossprofitExercise6.4(p.253)Exercise6.6(p.254)24PerpetualInventorySystemBegiClosingEntriesinaPerpetualInventorySystemCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!25ClosingEntriesinaPerpetualPeriodicInventorySystem

定期盤存制Noeffortismadetokeepup-to-daterecordsofeitherinventoryorcostofgoodssold.Let’slookatsomeentries!26PeriodicInventorySystem

定期盤存PeriodicInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.NoticethatnoentryismadetoInventory.27PeriodicInventorySystemOnSePeriodicInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.Retail28PeriodicInventorySystemOnSePeriodicInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.29PeriodicInventorySystemOnSePeriodicInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.30PeriodicInventorySystemOnSePerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-Purchase

Sales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Purchase100units,30$@sales10units,50$@AccountRec.++-PerpetualInventoryMethodInve31ComputingCostofGoodsSoldinaPeriodicInventorySystemTheyear-endinventoryisdeterminedbytakingacompletephysicalcountofthemerchandiseonhandBeginninginventoryCostofgoodsavailable+Purchasesforsale-Endinginventory=Costofgoodssold32ComputingCostofGoodsSoldiComputingCostofGoodsSoldinaPeriodicInventorySystemTheaccountingrecordsofPartySupplyshowthefollowing:Inventory,Jan.1,2003$14,000Purchases(during2003)130,000AtDecember31,2003,PartySupplycountedthemerchandiseonhandat$12,000.CalculatePartySupply’scostofgoodssoldfor2003.33ComputingCostofGoodsSoldiComputingCostofGoodsSoldinaPeriodicInventorySystemCostofGoodsSoldcanbecalculatedasfollows:34ComputingCostofGoodsSoldiCreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustcreatetheCostofGoodsSoldaccount.35CreatingCostofGoodsSoldinCreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustrecordtheendinginventoryamount.36CreatingCostofGoodsSoldinPerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-Purchase

Sales++--130000130000Dec.3112000Dec.3112000Dec.31130000PurchaseinthisyearAccountPay.+-CostofGoodSold+-Jan.114000Dec.3114000Dec.3113000014000EndinginventoryPerpetualInventoryMethodInve37PeriodicinventorysystemExercise6.8(p.255)Question9(p.252)38Periodicinventorysystem38CompletingtheClosingProcessCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!39CompletingtheClosingProcessComparisonofPerpetualandPeriodicInventorySystemsRefertotheexhibit6-6onpage23640ComparisonofPerpetualandPeComparisonofPerpetualandPeriodicInventorySystemsPeriodicInventorySystemJo’sDressShopPerpetualInventorySystemLargeDepartmentStores41ComparisonofPerpetualandPeModifyinganAccountingSystemMostbusinessesusespecialjournals特種日記賬ratherthanageneraljournaltorecordroutinetransactionsthatoccurfrequently.42ModifyinganAccountingSystemCreditTermsandCashDiscounts

信貸/信用條件2/10,n/30Readas:“Twoten,netthirty”

Whenmanufacturersandwholesalersselltheirproductsonaccount,thecredittermsarestatedintheinvoice.43CreditTermsandCashDiscountCreditTermsandCashDiscounts2/10,n/30PercentageofDiscount#ofDaysDiscountIsAvailableOtherwise,theFullAmountIsDue#ofDayswhenFullAmountIsDue44CreditTermsandCashDiscountCashdiscount現(xiàn)金折扣SalesdiscountsintermsofsellerPurchasediscountsintermsofbuyerCashdiscount現(xiàn)金折扣Salesdiscou45CreditTermsandCashDiscountsPurchasesarerecordedattheirnetamounts.Purchasediscounts（購貨折扣）lostarerecordedwhenpaymentismadeoutsidethediscountperiod.Net(price)Method凈價法46CreditTermsandCashDiscountCreditTermsandCashDiscountsOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.47CreditTermsandCashDiscountCreditTermsandCashDiscounts$4,000*98%=$3,920OnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.48CreditTermsandCashDiscountCreditTermsandCashDiscountsOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.49CreditTermsandCashDiscountCreditTermsandCashDiscountsOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.50CreditTermsandCashDiscountCreditTermsandCashDiscountsNow,assumethatPlayClotheswaiteduntilJuly20topaytheamountdueinfulltoKid’sClothes.PreparethejournalentryforPlayClothes.51CreditTermsandCashDiscountCreditTermsandCashDiscountsNonoperatingExpenseNow,assumethatPlayClotheswaiteduntilJuly20topaytheamountdueinfulltoKid’sClothes.PreparethejournalentryforPlayClothes.52CreditTermsandCashDiscountManagingDiscountsIfwefailtotakea2/10,n/30discount,isitreallyexpensive?365days÷20days×2%=36.5%annualrate

DaysinayearNumberofadditionaldaysbeforepaymentPercentpaidtokeepmoneyManagingDiscountsIfwefailt53RecordingPurchasesatGrossInvoicePricePurchasesarerecordedattheirgrossamounts.Purchasediscountstakenarerecordedwhenpaymentismadeinsidethediscountperiod.Gross(price)Method毛額法/總價法54RecordingPurchasesatGrossIRecordingPurchasesatGrossInvoicePriceOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.55RecordingPurchasesatGrossIRecordingPurchasesatGrossInvoicePriceOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.56RecordingPurchasesatGrossIRecordingPurchasesatGrossInvoicePriceOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.57RecordingPurchasesatGrossIRecordingPurchasesatGrossInvoicePriceReducesCostofGoodsSold$4,000′98%=$3,920OnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.58RecordingPurchasesatGrossIRecordingPurchasesatGrossInvoicePriceNow,assumethatPlayClotheswaiteduntilJuly20topaythefullamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.59RecordingPurchasesatGrossIRecordingPurchasesatGrossInvoicePriceNow,assumethatPlayClotheswaiteduntilJuly20topaythefullamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.60RecordingPurchasesatGrossIReturnsofUnsatisfactoryMerchandiseOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisepurchasedfromKid’sClothesoncredittermsof2/10,n/30.Thepurchasewasoriginallyrecordedatnetcost.PreparethejournalentryforPlayClothes.61ReturnsofUnsatisfactoryMercReturnsofUnsatisfactoryMerchandise$500′98%=$490OnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisepurchasedfromKid’sClothesoncredittermsof2/10,n/30.Thepurchasewasoriginallyrecordedatnetcost.PreparethejournalentryforPlayClothes.62ReturnsofUnsatisfactoryMercTransportationCostsonPurchases

（p.241)Transportationcostsrelatedtotheacquisitionofassetsarepartofthecostoftheassetbeingacquired.63TransportationCostsonPurchaExerciseProblem6.4onpage258ExerciseProblem6.4onpage264TransactionsRelatingtoSalesCredittermsandmerchandisereturnsaffecttheamountofrevenueearnedbytheseller.65TransactionsRelatingtoSalesSalesReturnsandAllowances

銷售退回與折讓OnAugust2,Kid’sClothessold$2,000ofmerchandisetoPlayClothesoncreditterms2/10,n/30.Kid’sClothesoriginallypaid$1,000forthemerchandise.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.66SalesReturnsandAllowances

銷SalesReturnsandAllowancesOnAugust2,Kid’sClothessold$2,000ofmerchandisetoPlayClothesoncreditterms2/10,n/30.Kid’sClothesoriginallypaid$1,000forthemerchandise.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.67SalesReturnsandAllowancesOnSalesReturnsandAllowancesOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisetoKid’sClothesfromtheAugust2sale.Kid’sClothescostforthismerchandisewas$250.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.Contra-revenue68SalesReturnsandAllowancesOnOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisetoKid’sClothesfromtheAugust2sale.Kid’sClothescostforthismerchandisewas$250.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.SalesReturnsandAllowances69OnAugust5,PlayClothesretuSalesDiscounts銷售折扣OnJuly6,Kid’sClothessold$4,000ofmerchandisetoPlayClothesoncreditwithtermsof2/10,n/30.ThemerchandiseoriginallycostKid’sClothes$2,000.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.70SalesDiscounts銷售折扣OnJuly6,SalesDiscountsOnJuly6,Kid’sClothessold$4,000ofmerchandisetoPlayClothesoncreditwithtermsof2/10,n/30.ThemerchandiseoriginallycostKid’sClothes$2,000.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.71SalesDiscountsOnJuly6,Kid’SalesDiscountsOnJuly15,Kid’sClothesreceivesthenetamountduefromPlayClothes.PreparethejournalentryforKid’sClothes.72SalesDiscountsOnJuly15,KidSalesDiscounts$4,000′98%=$3,920Contra-revenueOnJuly15,Kid’sClothesreceivesthenetamountduefromPlayClothes.PreparethejournalentryforKid’sClothes.73SalesDiscounts$4,000′98%=SalesDiscountsNow,assumethatitwasn’tuntilJuly20thatKid’sClothesreceivedthefullamountduefromPlayClothes.PreparethejournalentryforKid’sClothes.74SalesDiscountsNow,assumethaSalesDiscountsNow,assumethatitwasn’tuntilJuly20thatKid’sClothesreceivedthefullamountduefromPlayClothes.PreparethejournalentryforKid’sClothes.75SalesDiscountsNow,assumethaRevenue-SalesSalesReturnsandAllowancesSalesDiscount++++---Revenue-SalesSalesReturnsand76Slide6-77EndofthechapterExercise6.10(p.255)Slide6-77EndofthechapterE77DeliveryExpenses送貨費(fèi)用DeliverycostsincurredbysellersaredebitedtoDeliveryExpense,anoperatingexpense.78DeliveryExpenses送貨費(fèi)用DeliveryAccountingforSalesTaxesBusinessescollectsalestaxatthepointofsale.Then,theyremitthetaxtotheappropriategovernmentalagencyattimesspecifiedbylaw.$1,000sale′7%tax=$70salestax79AccountingforSalesTaxesBusiEvaluatingthePerformanceofaMerchandisingCompanyNetSalesGrossProfitMargins

TrendsovertimeComparablestoresalesSalespersquarefootofsellingspace

GrossProfit?NetSalesOverallGrossProfitMarginGrossProfitMarginsbyDepartmentandProducts(refertoexampleonpage245)80EvaluatingthePerformanceofEndofthechapterExercise6.11(p.255)GroupassignmentProblem6.6(p.259)Groupfivewillpresentnextweek

81Endofthechapter81ACCOUNTINGFORMERCHANDISINGACTIVITIESChapter

682ACCOUNTINGFORMERCHANDISINGAOperatingCycleofaMerchandisingCompanyOperatingcycle營業(yè)周期 Theaverageperiodbetweenthepurchaseofmerchandiseandtheconversionofthismerchandisebackintocash.83OperatingCycleofaMerchandiOperatingCycleofaMerchandisingCompany1.Purchaseofmerchandise3.Collectionofthereceivables2.SaleofmerchandiseonaccountCashInventoryAccountsReceivableCashsales84OperatingCycleofaMerchandiComparingMerchandisingActivitieswithManufacturingActivitiesMerchandisingCompanyPurchaseinventoryinready-to-sellcondition.ManufacturingCompanyManufactureinventoryandhavealongerandmorecomplexoperatingcycle85ComparingMerchandisingActiviIncomeStatementofaMerchandisingCompanyCostofgoodssold銷貨成本representstheexpenseofgoodsthataresoldtocustomers.Grossprofitisausefulmeansofmeasuringtheprofitabilityofsalestransactions.86IncomeStatementofaMerchandWhatAccountingInformationDoesaMerchandisingCompanyNeed?FinancialReportingRequirementsDailyBusinessOperatingRequirementsSpecialReportingRequirementsExamplesRevenuesExpenses

CustomerLedgers

TaxReports87WhatAccountingInformationDoGeneralLedgerAccountsAlthoughgeneralledgeraccountsprovideusefulinformation,theydonotprovidemuchofthedetailedinformationneededinthedailybusinessoperations.Whoowesusmoney?88GeneralLedgerAccountsAlthougSubsidiaryLedgers明細(xì)分類賬:ASourceofNeededDetailsControllingAccount統(tǒng)制賬戶89SubsidiaryLedgers明細(xì)分類賬:ASSubsidiaryLedgersAccountsreceivable(subsidiary)ledger應(yīng)收賬款明細(xì)賬

--AlistofallthechargecustomersandtheirrespectivebalanceAccountspayable(subsidiary)ledger

應(yīng)付賬款明細(xì)賬--AlistofallsuppliersandtheirrespectivebalanceInventorysubsidiaryledger存貨明細(xì)賬(p.227)

--separateaccountforeachtypeofproductinthecompany’sinventory90SubsidiaryLedgersAccountsrecSubsidiaryLedgersAccountsreceivableledgerName:___________________________________________Address:_________________________________________DateItemPostDebitCreditBalanceRef.

91SubsidiaryLedgersAccountsrec9211TwoApproachesUsedinAccountingforMerchandiseTransactionsPerpetualInventorySystemPeriodicInventorySystem93TwoApproachesUsedinAccountPerpetualInventorySystem

永續(xù)盤存制Theinventoryaccountiscontinuouslyupdatedtoreflectitemsonhand.Let’slookatsomeentries!94PerpetualInventorySystem

永續(xù)盤PerpetualInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.95PerpetualInventorySystemOnSPerpetualInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.10*$30=$30096PerpetualInventorySystemOnSPerpetualInventorySystemCostRetailOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.97PerpetualInventorySystemCostPerpetualInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.98PerpetualInventorySystemOnSPerpetualInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.99PerpetualInventorySystemOnSTheInventorySubsidiaryLedgerAttheendoftheperiod,managementcomparesthephysicalinventorycount實地盤存withtheinventoryledgertodetermineinventoryshrinkage存貨損耗.100TheInventorySubsidiaryLedgePerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-Costofgoodsold

Sales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Sep.10300Purchase100units,30$@sales10units,50$@Sep.10300AccountRec.++-PerpetualInventoryMethodInve101TakingaPhysicalInventoryInordertoensuretheaccuracyoftheirperpetualrecords,mostbusinessestakeacompletephysicalcountofthemerchandiseonhandatleastonceayear.102TakingaPhysicalInventoryInTakingaPhysicalInventoryReasonableamountsofinventoryshrinkageareviewedasanormalcostofdoingbusiness.Examplesincludebreakage,spoilageandtheft.OnDecember31,WorleyCo.countsitsinventory.Aninventoryshortageof$2,000isdiscovered.103TakingaPhysicalInventoryReaPerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-Costofgoodsold

+-=+Sep.53000Dec.312000Sep.10300Inventoryshrinkage

Sep.10300Dec.312000PerpetualInventoryMethodInve104PerpetualInventorySystemBeginninginventoryCostofgoodsavailable+Purchasesforsale-Costofgoodssold=EndinginventoryNetSales-Costofgoodsold=GrossprofitExercise6.4(p.253)Exercise6.6(p.254)105PerpetualInventorySystemBegiClosingEntriesinaPerpetualInventorySystemCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!106ClosingEntriesinaPerpetualPeriodicInventorySystem

定期盤存制Noeffortismadetokeepup-to-daterecordsofeitherinventoryorcostofgoodssold.Let’slookatsomeentries!107PeriodicInventorySystem

定期盤存PeriodicInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.NoticethatnoentryismadetoInventory.108PeriodicInventorySystemOnSePeriodicInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.Retail109PeriodicInventorySystemOnSePeriodicInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.110PeriodicInventorySystemOnSePeriodicInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.111PeriodicInventorySystemOnSePerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-Purchase

Sales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Purchase100units,30$@sales10units,50$@AccountRec.++-PerpetualInventoryMethodInve112ComputingCostofGoodsSoldinaPeriodicInventorySystemTheyear-endinventoryisdeterminedbytakingacompletephysicalcountofthemerchandiseonhandBeginninginventoryCostofgoodsavailable+Purchasesforsale-Endinginventory=Costofgoodssold113ComputingCostofGoodsSoldiComputingCostofGoodsSoldinaPeriodicInventorySystemTheaccountingrecordsofPartySupplyshowthefollowing:Inventory,Jan.1,2003$14,000Purchases(during2003)130,000AtDecember31,2003,PartySupplycountedthemerchandiseonhandat$12,000.CalculatePartySupply’scostofgoodssoldfor2003.114ComputingCostofGoodsSoldiComputingCostofGoodsSoldinaPeriodicInventorySystemCostofGoodsSoldcanbecalculatedasfollows:115ComputingCostofGoodsSoldiCreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustcreatetheCostofGoodsSoldaccount.116CreatingCostofGoodsSoldinCreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustrecordtheendinginventoryamount.117CreatingCostofGoodsSoldinPerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-Purchase

Sales++--130000130000Dec.3112000Dec.3112000Dec.31130000PurchaseinthisyearAccountPay.+-CostofGoodSold+-Jan.114000Dec.3114000Dec.3113000014000EndinginventoryPerpetualInventoryMethodInve118PeriodicinventorysystemExercise6.8(p.255)Question9(p.252)119Periodicinventorysystem38CompletingtheClosingProcessCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!120CompletingtheClosingProcessComparisonofPerpetualandPeriodicInventorySystemsRefertotheexhibit6-6onpage236121ComparisonofPerpetualandPeComparisonofPerpetualandPeriodicInventorySystemsPeriodicInventorySystemJo’sDressShopPerpetualInventorySystemLargeDepartmentStores122ComparisonofPerpetualandPeModifyinganAccountingSystemMostbusinessesusespecialjournals特種日記賬ratherthanageneraljournaltorecordroutinetransactionsthatoccurfrequently.123ModifyinganAccountingSystemCreditTermsandCashDiscounts

信貸/信用條件2/10,n/30Readas:“Twoten,netthirty”

Whenmanufacturersandwholesalersselltheirproductsonaccount,thecredittermsarestatedintheinvoice.124CreditTermsandCashDiscountCreditTermsandCashDiscounts2/10,n/30PercentageofDiscount#ofDaysDiscountIsAvailableOt