About This Course

Merchandising transaction, transactions that deal with inventory, including the purchase of inventory and the sale of inventory. 

In this course, we will discuss related topics including sales discounts, purchase discounts, sales returns and allowances, shrinkage and the cost of goods sold calculation. We will also compare and contrast a perpetual inventory system and periodic inventory system, listing and describing the pros and cons of each, explaining when each may be most appropriate in practice.  

Summary of what will be covered: 

  • Accounting fundamentals
  • Merchandising transaction
  • Perpetual and Periodic Inventory System
  • Sales discount and purchase discount
  • Inventory shrinkage and sales returns. 
  • Financial statements – merchandising company
  • Comprehensive problems

Who is this course for:

  • Accounting students
  • Business owners
  • Anyone who wants to learn accounting

Course Curriculum

Section 1 - Introduction
Course Overview 00:00:00
Downloadable Materials 00:00:00
Section 2 - Accounting Fundamentals And Merchandising Accounting Cycle
Accounting Fundamentals And Merchandising Accounting Cycle 00:00:00
Accounting Building Blocks 00:00:00
Debits And Credits 00:00:00
Journal Entry Thought Process 00:00:00
Accounting Cycle Merchandising Company 00:00:00
Discussion Question – Inventory 00:00:00
Section 3 - Merchandising Transaction Overview
Merchandising Transaction Overview 00:00:00
Merchandising Transaction Explained Purchaser And Se 00:00:00
Merchandising Transaction Journal Entry Purchaser 00:00:00
Merchandising Transaction Sales Journal Entry – COGS Jou 00:00:00
Discussion Questions – Difference Between Periodic And Perpetual Inventory 00:00:00
Section 4 - Perpetual And Periodic Inventory Systems
Perpetual And Periodic Inventory Systems 00:00:00
Perpetual Inventory System 00:00:00
Worksheet – Perpetual Inventory System 00:00:00
Periodic Inventory System 00:00:00
Worksheet Periodic System 00:00:00
Perpetual Vs. Periodic Inventory System 00:00:00
Discussion Questions – Operating Cycle For A Merchandising Company 00:00:00
Section 5 - Sales Discount And Purchase Discount
Sales Discount Vs. Purchase Discount Overview 00:00:00
Sales Discount Vs. Purchase Discount 00:00:00
Purchase Discount Journal Entry Explained 00:00:00
Sales Discount Explained Journal Entry Record Discount 00:00:00
Worksheet Purchase Discount And Sales Discount 00:00:00
Discussion Questions – FOB 00:00:00
Section 6 - Inventory Shrinkage And Sales Returns
Inventory Shrinkage – Sales Returns 00:00:00
Inventory Shrinkage 00:00:00
Worksheet – Inventory Shrinkage 00:00:00
Sales Return And Allowance Transaction 00:00:00
Worksheet – Sales Return 00:00:00
Multiple Choice Questions Merchandising Company 00:00:00
Discussion Questions – Income Statement 00:00:00
Section 7 - Financial Statements - Merchandising Company
Financial Statements – Merchandising Company 00:00:00
Income Statement Introduction 00:00:00
Merchandising Financial Statements – Accounting Instructions 00:00:00
Multiple Choice Questions – Merchandising Company 00:00:00
Short Calculation Questions 00:00:00
Discussion Questions – COGS 00:00:00
Section 8 - Merchandising Transaction Problem
Merchandising Part 1 – Accounting Financial 00:00:00
Merchandising Part 2 – Accounting Financial 00:00:00
Merchandising Part 3 – Accounting Financial 00:00:00
Merchandising Part 4 – Accounting Financial 00:00:00
Multiple Choice Questions Merchandising Company 00:00:00
Short Calculation Questions – Part 2 00:00:00
Discussion Questions – GP 00:00:00
Section 9 - Comprehensive Problem
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 1 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 2 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 3 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 4 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 5 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 6 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 7 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 8 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 9 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 10 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 11 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 12 00:00:00
Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 13 00:00:00
Discussion Questions – Inventory Shrinkage 00:00:00
Section 10 - Definitions And Key Terms
Invoice Definition – What Is Invoice 00:00:00
Cash Discount Definition – What Is A Cash Discount 00:00:00
Credit Memorandum Definition – What Is A Credit Memorandum 00:00:00
Credit Period Definition – What Is A Credit Period 00:00:00
Credit Terms Definition – What Are Credit Terms 00:00:00
Free On Board Definition – What Is Free On Board 00:00:00
Gross Margin Definition – What Is Gross Margin 00:00:00
Gross Margin Ratio Definition 00:00:00
Gross Profit Definition – What Is Gross Profit 00:00:00
Gross Profit Ratio Definition – What Is Gross Profit Ratio 00:00:00
Inventory Definition 00:00:00
Merchandise Definition 00:00:00
Multiple-Step Income Statement Definition – What Is A Multiple-Step Income Statement 00:00:00
Periodic Inventory System Definition – What Is Periodic Inventory System 00:00:00
Perpetual Inventory System Definition – What Is Perpetual Inventory System 00:00:00
Purchase Discount Definition – What Is Purchase Discount 00:00:00
Sales Discount Definition – What Is sales discount 00:00:00
Shrinkage Definition – What Is Shrinkage 00:00:00
Single-Step Income Statement – What Is A Singe-Step Income 00:00:00
Trade Discount Definition – What Is A Trade Discount 00:00:00
Wholesaler Definition – What Is A Wholesaler 00:00:00
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